Dutch Bros Inc (NYSE: BROS) shares are falling in Wednesday's after-hours session after the company reported worse-than-expected earnings results and issued guidance below analyst estimates.
Dutch Bros said first-quarter revenue increased 54% year-over-year to $152.2 million, which beat the $145.63-million estimate, according to data from Benzinga Pro.
The company said the revenue growth was primarily driven by the opening of 107 company-operated shops over the last year.
Dutch Bros reported a quarterly loss of 2 cents per share, which missed the estimate for positive earnings of 1 cent per share.
Dutch Bros said it expects full-year 2022 revenue to be between $700 million and $715 million versus the $717.22-million estimate. Adjusted EBITDA is expected to total at least $90 million.
The company said it expects to open at least 30 new shops in the second quarter and at least 130 shops in total for full-year 2022.
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BROS Price Action: Dutch Bros shares are making new 52-week lows on Wednesday.
The stock was down 35.9% in after hours trading at $21.89.
Photo: courtesy of Dutch Bros.
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