Shares of BJ’s Restaurants Inc. jumped more than 15% following the company’s second-quarter earnings that beat analyst estimates and its guidance on two positive financial trends for the future.
The Huntington Beach-based company reported adjusted earnings per share of $0.30, beating analysts’ estimates of $0.24 by 25%.
The casual restaurant operator said second-quarter earnings declined from $8.6 million a year ago to $8 million this year and were flat after excluding one-time charges.
BJ’s said revenue grew 10.5% to $219.4 million this quarter in a longer operating period, just under analysts’ estimates of $220 million
Comparable same store sales declined 1.7%. This was an improvement over the first quarter’s drop of 2.9% and flat compared to the second quarter last year.
BJ’s President and Chief Executive Greg Trojan pointed to increased restaurant cash flow margins of 18.6% and said the company would eventually bring that above 19%.
He said BJ’s is scheduled to open a restaurant in August that will be the first of a new design that will cost $1 million less to build but bring in the same revenue as older, more expensive stores.
BJ’s had a recent market capitalization of $1 billion.