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Dutch Bros Inc. reported strong 3rd quarter results, with earnings of 16 cents per share, surpassing analyst estimates of 12 cents. The company generated $338.21 million in revenue, a 28% increase versus last year that also beat expectations.
Same-store sales at the coffee chain edged up 4.5%. The 2024 outlook for total revenues are now projected to be between $1.255 billion and $1.260 billion, up from the prior range of $1.215 billion to $1.230 billion.
During the quarter, Dutch Bros opened 38 new locations across 11 states. The company also accelerated its mobile order rollout achieving 90% system and 96% company-operated shop coverage.
“We delivered exceptional performance in the third quarter as we executed our strategic and operational initiatives,” said Christine Barone, Chief Executive Officer and President of Dutch Bros. “We are making major investments in our development and construction teams and our 2025 pipeline is strong, positioning us to accelerate new shop growth.”
Dutch Bros positions itself as a high growth operator and franchisor of drive-thru shops that focus on serving high quality, hand-crafted beverages. As of September 30, 2024, there were 950 locations across 18 states.
Dutch Bros is trading at $44 a share, up 41% year-to-date.
