NEW YORK (TheStreet) -- Shares of Panera Bread Co (PNRA) were soaring, up 10% to $205.69 on very heavy volume in midday trading Wednesday, after the fast-causal restaurant chain reported its latest quarterly earnings results and indicated strong sales in the current quarter. 

This morning, TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio said in a video that Panera 2.0 is doing incredibly well.

As the company rolls out the new Panera, Cramer believes its numbers will go higher.

For the second quarter ended June 30, the company earned $1.61 a share on revenue of $677 million.

Wall Street was expecting Panera to earn $1.63 per share on revenue of $679 million, according to Thomson Reuters.

Sales at company-owned bakery-cafes rose 2.4%, while sales at franchise-owned bakery-cafes rose 1.1%.

The company reiterated its full-year guidance, and indicated a strong start to the current quarter.

Panera noted that comparable sales at its company-owned cafes increased by 4.7% in the first 27 days of the third quarter.

About 1.98 million shares have changed hands as of 12:43 p.m. ET today, compared to its average trading volume of about 475,922 shares a day.

St. Louis-based Panera is a national bakery-cafe concept with 1,880 company-owned and franchise-operated bakery-cafe locations.

The company operates through three segments. 

Separately, TheStreet Ratings team rates PANERA BREAD CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate PANERA BREAD CO (PNRA) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."

You can view the full analysis from the report here: PNRA Ratings Report

PNRA data by YCharts

Image placeholder title