© Reuters.

Investing.com – Shake Shack (NYSE:) sizzled to a 52-week high Tuesday after delivering an earnings beat and raising guidance as burger-munching customers abroad flocked to the trendy burger chain.

The company also inked a new partnership with delivery company GrubHub (NYSE:). Shake Shack (NYSE:) shares were up 16.3% at 2:01 p.m. ET (18:02 GMT) after hitting a 52-week high of $84.96 earlier in Tuesday’s session.

For full-year 2019, the company guided revenue in the range of $585 to $590 million, up from its prior guidance of $576 to $582 million, but below estimates of $591.5 million. Shake Shack (NYSE:) sales growth is forecasted to grow about 2%, compared with estimates of 2.2% growth.

The upgraded guidance comes as earnings and revenue topped consensus estimates from Investing.com as the company’s efforts to expand its geographical footprint beefed up performance.

Shake Shack reported second-quarter earnings of 27 cents a share on revenue of $152.7 million, estimates for earnings of 22 cents a share on revenue of $149.5 million.

During the quarter, the company opened 11 domestic company-operated Shacks, two domestic licensed Shacks, and six international licensed Shacks, which included its first Shacks in the Philippines and Singapore, at the Jewel Changi Airport.

Shake Shack’s better-than-expected quarterly growth and delivery partnership with Grubhub drew praise from Wall Street analysts, several of which raised their price targets on the burger chain’s shares.

Wedbush raised its target on shares of Shake Shack to $75 from $70, JPMorgan to $69 from $58, SunTrust to $86 from $70 and Jefferies to $68 from $55

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link