Good Eating At Panera Bread (PNRA)

Panera Bread Company

reported better than expected earnings and the stock is skyrocketing in after-hours. The company reported earnings of $1.21 per share, 4 cents better than Wall Street estimates. Revenues for the fourth quarter came in at $428.16 million. In addition to reporting better than expected earnings, the company guided Q1 earnings and 2011 earnings above consensus. The Company is raising its target for fiscal 2011 earnings per diluted share to $4.40 to $4.45, which would represent an increase from fiscal 2010 of 22% to 23% in year-over-year earnings per diluted share. This is an increase from the Company's prior full year fiscal 2011 earnings per diluted share target of $4.30 to $4.35. Bill Moreton, CEO, commented, "We are pleased to deliver 27% earnings growth in the fourth quarter, marking the tenth out of the last eleven quarters of 20% plus growth. We believe this trend speaks to our strategy of continually investing in the quality of our customers' experience to drive concept differentiation and competitive advantage. We expect 2011 to be another successful year as we target 22% to 23% EPS growth, which is consistent with our targeted 15% to 20% EPS growth rate over the next several years." At last check, shares of Panera were up $9.99 to $109.70, a gain of 10% in after hours.