GRANTS PASS, Ore. (AP) — GRANTS PASS, Ore. (AP) — Dutch Bros Inc. (BROS) on Wednesday reported first-quarter net income of $15.4 million.
On a per-share basis, the Grants Pass, Oregon-based company said it had profit of 13 cents. Earnings, adjusted for one-time gains and costs, were 14 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The drive-thru coffee chain operator and franchisor posted revenue of $355.2 million in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $343.5 million.
Dutch Bros expects full-year revenue in the range of $1.56 billion to $1.58 billion.
Dutch Bros shares have increased 13% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $59.22, more than doubling in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BROS at https://www.zacks.com/ap/BROS
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