01:43 PM EDT, 08/01/2024 (MT Newswires) -- Shares of Shake Shack ( SHAK ) soared intraday Thursday after the restaurant chain posted stronger-than-expected second-quarter revenue growth while reiterating its same-store sales growth guidance for 2024.

Revenue rose to a record $316.5 million for the three months ended June 26 from $271.8 million a year ago and topped the $314.3 million average analyst estimate on Capital IQ.

Same store sales were up 4%, beating the 3.1% consensus. Shares of Shake Shack ( SHAK ) climbed 16% in afternoon trade.

Adjusted earnings per share advanced to $0.27 from $0.18 year over year and matched the Street's view. Restaurant-level profit margin climbed 100 basis points to 22%. Adjusted earnings before interest, taxes, depreciation and amortization increased 27% year over year to $47.2 million, also a record, according to Chief Financial Officer Katie Fogertey.

"Our results showed progress against our 2024 strategic priorities, including improving operations, increasing our brand awareness, and executing on our development pipeline with 23 system-wide Shack openings," she said in a shareholder letter.

Shake Shack ( SHAK ) reiterated its 2024 same-store sales growth guidance in the low single-digit range.

Shake Shack ( SHAK ) now expects full-year revenue growth of 14% to 15%, lifting the lower-end of the guidance from 12% provided in May. It is now forecasting adjusted EBITDA between $165 million and $170 million, up from $160 million at the lower end in its prior guidance. The Capital IQ-polled consensus is for revenue of $1.25 billion for the ongoing year.

For the third quarter, the quick service restaurant chain is guiding for revenue in the $311.6 million to $317 million range, implying growth from the $276.2 million reported in the same quarter of 2023. Analysts on average are modeling for revenue of $316.2 million in the ongoing period. It expects same-store sales growth in the low single digits.

Price: 102.06, Change: +14.44, Percent Change: +16.48