11:14 AM EDT, 08/23/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

CAVA Group ( CAVA ) shares were up over 16% in recent trading on Friday after the company overnight reported stronger-than-expected fiscal Q2 results and raised its guidance for same-restaurant sales growth.

The company reported fiscal Q2 earnings late Thursday of $0.17 per diluted share, down from $0.21 a year ago.

Analysts polled by Capital IQ expected earnings of $0.12.

Revenue for the quarter that ended July 14 was $233.5 million, up from $172.9 million a year earlier.

Analysts surveyed by Capital IQ expected $219.5 million.

For fiscal 2024, the company now expects same-restaurant sales growth of 8.5% to 9.5%, versus a previous projection of 4.5% to 6.5%. Analysts expected about 6.4% growth.

Price: 119.24, Change: +17.26, Percent Change: +16.92