JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
BRADENTON, Fla. - First Watch Restaurant Group (LON:RTN), Inc. (NASDAQ:FWRG) reported fourth quarter financial results that beat analyst estimates, sending shares up 4.9% in premarket trading Tuesday.
The daytime dining chain posted Q4 revenue of $263.3 million, up 7.6% year-over-year and slightly above analyst estimates of $263.01 million. Adjusted earnings per share came in at $0.01, exceeding expectations of $0.
Same-restaurant sales decreased 0.3% in Q4 compared to the prior year period, while traffic declined 3.0%. The company opened 25 new system-wide restaurants during the quarter.
"2024 was a pivotal year as we surpassed $1 billion in total revenues and $100 million in adjusted EBITDA for the first time," said Chris Tomasso, First Watch CEO and President.
For the full fiscal year 2024, First Watch reported total revenue growth of 13.9% to $1.0 billion. The company opened 50 new system-wide restaurants during the year.
Looking ahead to fiscal 2025, First Watch expects same-restaurant sales growth in the low-single digits and total revenue growth of approximately 20%. The company plans to open 59 to 64 new system-wide restaurants in 2025.
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