Red Robin Gourmet Burgers Posts Q2 Profit; Stock Up

(RTTNews) - Red Robin Gourmet Burgers Inc. (RRGB) reported that its net income for the second quarter of 2019 was $1.0 million or $0.08 per share compared to a net loss of $1.9 million or $0.14 per share in the same period a year ago.

In the pre-market trade, RRGB is currently trading at $34.50 up $1.54 or 4.67 percent.

Adjusted earnings per share were $1.03 compared to $0.46 in the previous year.

Total revenues decreased 2.3% to $308.0 million from $315.4 million in the second quarter of 2018.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share and revenues of $306.39 million for the quarter. Analysts' estimates typically exclude special items.

Comparable restaurant revenue decreased 1.5% in the second quarter of 2019 compared to the same period a year ago, driven by a 6.4% decrease in guest counts and offset by a 4.9% increase in average guest check. The increase in average guest check comprised a 2.3% increase in menu mix and a 2.6% increase in pricing.

For 2019, the company now expects net results to be net loss of $2.2 million to net income of $4.2 million, adjusted earnings per share of $0.95 to $1.50, and comparable restaurant revenue of down 1.0% to up 1.0% at constant currency rates. Analysts expect annual earnings of $1.14 per share.