ONE Group Hospitality (NASDAQ: STKS) reported Q2 EPS of $0.01, $0.04 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $20.3 million versus the consensus estimate of $20.48 million.

• Total GAAP revenue was $20.3 million compared to $19.9 million in the same period last year;
• Domestic comparable sales* at owned and managed STK restaurants rose 7.5%;
• GAAP net income from continuing operations before income taxes was $483,000 compared to GAAP net loss of $2.0 million for the same period last year;
• GAAP net income attributable to The ONE Group Hospitality, Inc. was $181,000 or $0.01 per share compared to GAAP net loss of $2.3 million or $0.09 loss per share for the same period last year;
• Adjusted EBITDA** increased 70.3% to $2.5 million compared to $1.5 million the same period last year; and,
• Total owned restaurant expenses decreased 360 basis points to 86.6% from 90.2% as a percentage of owned restaurant revenues.

Emanuel “Manny” Hilario, President and Chief Executive Officer, said, “We extended our record of strong performance to the second quarter and raised two key 2018 targets based upon our results to date. Our focus on sales growth and restaurant profitability during the second quarter is reflected in domestic comparable sales increasing 7.5% and profitability improving 360 basis points at owned restaurants when compared to the prior year. We also made significant progress reducing corporate G&A expenses and increasing our Adjusted EBITDA contribution both in absolute dollars and as a percentage of total revenue. On a trailing twelve-month basis, Adjusted EBITDA is $8.2 million. After the quarter ended, we opened two locations which are both off to encouraging starts: our second licensed location in Dubai and our owned restaurant in San Diego, CA. We remain on track to open a total of five STKs in 2018.”

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