NEW YORK (
) -- Shares of
Red Robin Gourmet Burgers
surged in late trades on Thursday after the company trounced Wall Street expectations for its fiscal second quarter.
The Greenwood Village, Colo.-based restaurant operator reported an adjusted profit of $7.5 million, or 48 cents a share, for the three months ended June 30 with revenue up 7.2% year-over-year to $215.8 million. The average estimate of analysts polled by
was for a profit of 36 cents a share in the June period on revenue of $213.3 million.
Red Robin's outperformance was driven by a 3.1% increase in revenue from comparable company-owned locations and a jump in operating profit margins to 20.8% from 18.3% as decreases in labor, occupancy, and operating costs offset higher food and beverage expenses.
"We're pleased with our second quarter 2011 performance, which represents our fourth consecutive quarter of higher same store sales and third consecutive quarter of higher earnings," said Steve Carley, the company's CEO in a statement. "Our Team Members continue to work with a sense of urgency to strengthen our business and build a foundation for long-term growth and profitability."
The stock was last quoted at $37, up 9.3%, on volume of nearly 40,000, according to
. Based on a regular session close at $33.85, the shares were already up more than 45% so far in 2011, hitting a 52-week high of $39.32 on July 21.
The company has now significantly beaten the average analysts' view for its results in three straight quarters, fueling the stock's rise. Sentiment on Wall Street was mixed ahead of the report with the 11 analysts covering the stock split between six bulls (5 at strong buy and 1 at buy) and five bears (3 at hold and 2 at underperform).
At current levels, Red Robin's forward price-to-earnings multiple has swelled to 18.9X, well above the
, which is trading at a 10.5X multiple following its recent sharp decline, according to
Shares of graphics chip maker
leapt 12% to $15.05 on after-hours volume of nearly 5 million as the company reported an above-consensus quarterly profit and gave a bullish revenue outlook.
The Santa Clara, Calif.-based company reported a non-GAAP profit of $193.5 million, or 32 cents a share, for its fiscal second quarter ended June 30 as revenue rose 5.7% year-over-year to $1.02 billion. The average estimate of analysts polled by
was for earnings of 25 cents a share in the June-ended period on revenue of $1.01 billion.
The company said it sees revenue growth of 4-6% for its current fiscal third quarter. It noted non-GAAP gross margin came in at 51.7%, marking its fourth consecutive quarter of hitting record levels for the company, but also said it expects margins to be flat in the September period.
Based on Wednesday's regular session close at $13.41, Nvidia shares were down about 20% so far in 2011, and the stock had lost nearly half of its value since hitting a 52-week high of $26.17 on Feb. 2.
Other stocks active in Thursday's after-hours session included
, down more than 6% after the China-based social networking company forecast third-quarter revenue of $33.5 million to $35.5 million;
, losing nearly 15% after saying it sees fiscal 2012 earnings in excess of $2.15 per share vs. the current consensus view for a profit of $2.59 a share; and
( MDS), which soared more than 35% on news it plans to explore its strategic options, including a possible sale.
Written by Michael Baron in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.