Updated from 4:44 p.m. ET for latest share prices, additional information on Silicon Graphics, OpenTable, and Panera Bread.
NEW YORK (
TheStreet) -- Shares of
Buffalo Wild Wings
(BWLD - Get Report) soared in late trades on Tuesday after the restaurant operator trounced Wall Street's profit expectations in its latest quarter amid strong sales at both new and existing locations.
The Minneapolis-based company reported earnings of $13.6 million, or 73 cents a share, on revenue of $220.5 million. Same-restaurant sales jumped 8.9%. In the same period a year earlier, the company posted a profit of $10.2 million, or 55 cents a share, on revenue of $163.9 million.
The average estimate of analysts polled by
Thomson Reuters was for earnings of 67 cents a share in the December-ended period on revenue of $210.5 million.
The stock was last quoted at $81.95, up 16.8%, on volume of 1 million, according to
Based on Tuesday's regular-session close at $70.19, the shares are up more than 40% in the past year, hitting a 52-week high of $71.22 on Feb. 3.
The company was also bullish about how it's faring so far in 2012.
"We are off to a great start with strong sales momentum, and our same-store sales through the first six weeks of 2012 have increased 12.9% at company-owned and 10.8% at franchised restaurants," said Sally Smith, the company's president and CEO, in a statement.
Smith continued: "Ultimately, we believe that we will be a chain of more than 1500 locations in North America. With our strategic focus on guest experience and operational excellence, our ongoing sales strength and unit-level execution, and the benefit of a 53rd week, we will overcome rising commodity costs and achieve 20% net earnings growth for 2012."
Wall Street was divided ahead of the news with nine of the 18 analysts covering the stock at hold (8) or sell (1), and the remainder split between strong buy (5) and buy (4). The action in the extended session is pushing the shares far beyond the median 12-month price target of $72.