Shake Shack Swings To First-quarter Profit, Raises Revenue Outlook

Shares of Shake Shack Inc. rallied in Thursday's extended session after the burger chain posted better-than-expected quarterly results. Shake Shack reported it swung to first-quarter earnings of $1.5 million, or 7 cents a share, from a loss of $12.7 million, or $1.06 a share, a year earlier. On an adjusted basis, the company would have earned 8 cents a share. Revenue grew 43% to $54.2 million while same-store sales rose 9.9%. Analysts surveyed by FactSet had forecast earnings of 5 cents a share on revenue of $52.2 million. It also raised its 2016 revenue outlook to a range of $245 million to $249 million from $237 million to $242 million previously. Shares advanced 6% in after hours.