Dutch Bros Shares Gain On Q3 Revenue Beat, Solid Q4 Outlook

  • Dutch Bros Inc BROS reported third-quarter FY21 sales growth of 49.8% year-on-year, to $129.80 million, beating the analyst consensus of $124.88 million.
  • System same shop sales grew 7.3% in the third quarter and 10.7% on a two-year basis.
  • Company-operated shops revenues increased 62.9% Y/Y to $108.7 million.
  • Total costs and expenses more than tripled to $244.7 million.
  • The gross profit increased 13.4% Y/Y to $38.7 million, with the margin contracting 960 basis points to 29.8%.
  • Adjusted EBITDA of $20.6 million decreased 2.6% Y/Y, with the margin shrinking 860 basis points to 15.9%.
  • Adjusted EPS of $0.23 was recorded in the quarter.
  • The company held $25.8 million in cash and equivalents as of September 30, 2021. Cash provided by operating activities totaled $72.3 million for the nine months ended September 30, 2021.
  • Outlook: Dutch Bros sees Q4 sales of $125 million - $128 million, above the consensus of $121.2 million.
  • The company expects Q4 adjusted EBITDA of $12.5 million - $13.5 million.
  • The company also reiterated the long-term potential of at least 4,000 shops nationwide.
  • Price Action: BROS shares are trading higher by 9.33% at $68.11 in premarket on the last check Thursday.
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