Shake Shack (NYSE: SHAK) reported Q3 EPS of $0.21, $0.08 better than the analyst estimate of $0.13. Revenue for the quarter came in at $119.6 million versus the consensus estimate of $117.01 million. Same-Shack sales decreased 0.7%.

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “We’re pleased to report that Shake Shack’s overall growth remains strong as we head into the end of 2018. During the third quarter, we generated $119.6 million in Revenue, and delivered Adjusted EBITDA of $21.3 million with year on year increases of nearly 27% and 18%, respectively. The performance of both our new and existing Shacks and the incredible hard work of all our team members is resulting in a raise to our total revenueguidance for the full year 2018.”

Garutti concluded, "We expect to open 33 to 34 new domestic company-operated Shacks in 2018, ending the year with 123 to 124 Shacks, delivering approximately 37% unit growth on the prior year. Looking towards 2019, our preliminary estimate is to open between 36 and 40 new domestic company-operated Shacks. In our international licensed business, we are ramping up our efforts and focusing on our global expansion strategy and are thrilled to have entered into new licensing agreements for the Philippines, Mexico and Singapore with development agreements totaling over 50 Shacks over the next decade in these important regions. We are very pleased with the progress across our key initiatives which we believe will continue to fuel our strong financial performance.”

GUIDANCE:

Shake Shack sees FY2018 revenue of $450-452 million, versus prior of $446-$450 million the consensus of $452.08 million.

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