Shake Shack Gains As Earnings Surpass Estimates

(RTTNews) - Burger chain Shake Shack Inc (SHAK) on Monday said its second-quarter net earnings fell to $1.12 million from $1.95 million last year, hurt by contributions to non-controlling interests.

On a per share basis, earnings for the quarter were up at $0.08 compared with $0.06 last year, due to a lower share count.

Excluding items, the company reported adjusted pro forma earnings of $0.09 per share compared with $0.03 per share a year ago. Analysts polled by Thomson Reuters estimated earnings of $0.03 per share. Analysts' estimates typically exclude special items.

Shake Shack, known for its all-natural, antibiotic-free Angus beef burgers and hot dogs, reported quarterly sales of $48.5 million, up from $27.7 million last year. Analysts estimated revenues of $42.8 million.

SHAK closed Monday at $70.64, down $1.00 or 1.40%, on the NYSE. In after hours, the stock gained $6.36 or 9.00% at $77.00.