NEW YORK ( TheStreet) -- Shares of Starbucks (SBUX - Get Report) got a jolt in late trades on Thursday after the Seattle-based coffee giant delivered an above-consensus quarterly profit and lifted its outlook.
The company posted a profit of $279.1 million, or 36 cents a share, in its fiscal third quarter ended in June on revenue of $2.93 billion, topping the average estimate of analysts polled by Thomson Reuters for earnings of 34 cents a share on revenue of $2.84 billion.
Starbucks also said it's targeting earnings per share growth of 15-20% for fiscal 2012 with revenue seen rising 10%, backed by expectations for a mid-single-digit increase in same-store sales, the projected opening of 800 new locations globally, and strong growth in its consumer products group business.
The stock was last quoted at $40.90, up 2.3%, on volume of 1.4 million, according to Nasdaq.com. Based on a regular session close at $39.98, the shares were up more than 21% so far in 2011.The positive news from Starbucks fits with the bullishness percolating about coffee and tea companies this week. Green Mountain Coffee Roasters (GMCR - Get Report) posted its own blowout results on Wednesday, and Dunkin' Brands (DNKN - Get Report) soared nearly 50% in its market debut the same day. On Thursday, tea retailer Teavana Holdings (TEA), surged more than 60% in its market debut, pricing an offering of 7.1 million shares at $17 each and finishing the day at $27.80.
Ancestry.comShares of Ancestry.com (ACOM) fell in the extended session after the company left its subscriber outlook for the full year unchanged at 1.71 million to 1.73 million. The Provo, Utah-based online family history information provider reported a profit of $16.6 million, or 33 cents a share, for its fiscal second quarter ended June 30 on revenue of $101.3 million, an increase of more than 35% from last year's equivalent period. The average estimate of analysts polled by Thomson Reuters was for earnings of 30 cents a share in the June period on revenue of $98.8 million. For the third quarter ending in September, the company said it sees revenue of $102 million to $104 million, a range that implies some upside to Wall Street's current consensus view of 102.3 million. With the stock up more than 40% so far in 2011, however, investors were apparently expecting more, and the shares dipped 3% to $38.97 on volume of more than 315,000 in late trades.
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