Shake Shack Inc. shares fell in the extended session Monday after the fast-food restaurant topped Wall Street estimates for earnings but not for same-store sales or its outlook.
Shake Shack SHAK, +1.74% shares dropped 14% after hours, following a 1.9% rise in the regular session to close at $84.30. In comparison, the S&P 500 index SPX, +0.37% finished up 0.4%, for a 23% gain on the year, while Shake Shack shares are up 85% over that period.
The company reported third-quarter net income of $10.3 million, or 31 cents a share, compared with $5 million, or 17 cents a share, in the year-ago period. Adjusted earnings were 26 cents a share.
Revenue rose to $157.8 million from $119.6 million in the year-ago quarter. Same-store sales, however, rose 2%. Analysts surveyed by FactSet had forecast earnings of 21 cents a share on revenue of $156.9 million and a rise in same-store sales of 2.5%.
Shake Shack raised its full-year revenue forecast to a range of $592 million to $597 million, but that was short of the Wall Street consensus of $600 million.
Of the 15 analysts who cover Shake Shack, five have buy ratings, nine have hold ratings, and one has a sell rating, along with an average price target of $85.