ONE Group Hospitality (STKS) Tops Q1 EPS by 4c, Revenues Beat

ONE Group Hospitality (NASDAQ: STKS) reported Q1 EPS of $0.05, $0.04 better than the analyst estimate of $0.01. Revenue for the quarter came in at $50.5 million versus the consensus estimate of $47.28 million.

Highlights for the first quarter ended March 31, 2021 compared to the same period last year are as follows:

• Total GAAP revenues increased 24.0% to $50.5 million from $40.7 million.
• GAAP net income attributable to The ONE Group was slightly positive, or $0.00 net income per share ($0.05 adjusted net income per share)****, compared to GAAP net loss of $4.6 million, or $0.16 net loss per share ($0.13 adjusted net loss per share)****. GAAP net income attributable to The ONE Group during the first quarter 2021 included $1.6 million of incremental costs related to COVID-19.
• Adjusted EBITDA** increased 312% to $6.5 million from $1.6 million.

“The improvement in our comparable sales trend clearly demonstrates that as dining capacity increases and vaccinations are rolled out, guests are eager to join us for in-person VIBE dining experiences. Although there are still many restrictions still imposed on us by local mandates, we have already surpassed 2019 comparable sales in the first quarter, experienced an acceleration in April, and expect continued improvement as restrictions lift and our operational, marketing, and culinary initiatives continue to be effective. We sincerely thank our teammates for ensuring our operational readiness during this recovery period and for properly serving our guests while following strict health and safety protocols. Our team is also effectively managing costs by adhering to the cost-saving measures we implemented last year that are enabling us to deliver record restaurant-level margins. In doing so, we are maximizing our Adjusted EBITDA opportunity relative to the robust growth on our top-line,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

For earnings history and earnings-related data on ONE Group Hospitality (STKS) click here.

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