Ignite Restaurant Group (NASDAQ:IRG) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Ignite Restaurant Group Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 86.21% to $0.04 in the quarter versus EPS of $0.29 in the year-earlier quarter.
Revenue: Rose 90.26% to $228.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Ignite Restaurant Group reported adjusted EPS income of $0.04 per share. By that measure, the company missed the mean analyst estimate of $0.15. It beat the average revenue estimate of $227.13 million.
Quoting Management: Ray Blanchette, CEO of Ignite Restaurant Group, stated, “Consistent with our pre-release, we’re pleased with the sales improvement at Joe’s and the continued sales growth at Brick House. However, necessary spending increases associated with returning the Mac Grill units to appropriate staffing levels and an enhanced media buy significantly impacted our second quarter operating results. Our vision for the potential of the Macaroni Grill brand and its long term benefit to the Ignite business remains unchanged. We are encouraged by Macaroni Grill’s improving sales trends over the past 4 months and are determined to demonstrate further progress across the entire P&L as the year progresses.”
Key Stats (on next page)…