Reuters

(Reuters)

Shake Shack Stock Soars As Profit Doubles

By Earnings Reuters

Shake Shack Inc, known for indulgent antibiotic-free hamburgers, crinkle-cut fries and frozen custard shakes, said on Wednesday its quarterly profit more than doubled and raised its 2016 revenue forecast, sending its shares up 10.3 percent.

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Shake Shack's third-quarter net income rose to $3.8 million, or 15 cents per share, from $1.5 million, or 10 cents per share, a year earlier.

Total revenue jumped 40 percent to $74.6 million.

Same-restaurant sales increased 2.9 percent during the third quarter, it said. Those sales had risen 4.5 percent during the second quarter and jumped 9.9 percent in the first quarter.

Shake Shack raised its 2016 revenue forecast to a range of $264 million to $265 million from $253 million to $256 million previously.

The company's shares jumped $3.44 to $36.80 in after-hours trading.

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