UPDATE: Noodles Shares Tumble On Downbeat Results

Shares of

dipped more than 14% in after-hours trading after the company reported weaker-than-expected fourth-quarter results and issued a weak 2015 profit forecast. The Broomfield, Colorado-based company posted quarterly net earnings of $3.5 million, or $0.11 per share, compared to $2.4 million, or $0.08 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings came in at $0.13 per share. Its revenue climbed 18.7% to $108.5 million. However, analysts were expecting earnings of $0.14 per share on revenue of $110.1 million. Comparable restaurant sales climbed 1.3% for company-owned restaurants in the quarter. Adjusted EBITDA rose 11.6% to $13.4 million in the quarter. "We ended 2014 having made important progress in several key areas," said Kevin Reddy, Chairman and Chief Executive Officer of Noodles & Company. "During the fourth quarter, comparable restaurant sales accelerated on a two-year holiday adjusted basis to 4.8% for company-owned restaurants, we returned to positive EPS growth and ended the year with 59 new system-wide restaurants. Catering sales continue to build and met our expectations during the fourth quarter." For 2015, Noodles projects adjusted earnings per share to rise around 20% y/y, versus analysts' expectations for a 34% growth. The company also expects comparable restaurant sales growth of 2.5% to 4.0% in 2015. Noodles shares dipped 14.02% to $23.85 in after-hours trading.