GrubHub Shares Surge 13% On Q4 Report

Shares of GrubHub Inc GRUB surged higher by more than 13 percent Thursday morning after the company reported its fourth quarter results.

GrubHub earned $0.19 per share in the fourth quarter on revenue of $100 million. Wall Street analysts were expecting the company to earn $0.14 per share on revenue of $99.4 million.

GrubHub added that it generated a record $643 million in gross food sales during the quarter, while net income rose to $11.3 from $10.8 million in the same quarter a year ago.

Active diners for the quarter rose 34 percent from the same quarter a year ago to 6.75, while daily average "Grubs" were 241,800 - a 34 percent year-over-year increase.

"The fourth quarter capped off a strong year for Grubhub. We generated a record $643 million in gross food sales during the quarter and $2.4 billion during the year," said Matt Maloney, CEO. "The growth in our delivery network has greatly expanded our potential universe of restaurant partners, helping us work with restaurants that don't currently offer delivery, but want access to our 6.7 million active diners. As a result, our restaurant network is broader and deeper than ever, with over 40,000 partners in more than 1,000 cities."

Looking forward to the first quarter, GrubHub expects to see sales of $109 million to $112 million and $445 million to $465 million for the full fiscal year. Wall Street analysts were already projecting the company's revenue to be $110 million and $448.8 million, respectively.