CAVA Stock Jumps 20% After Beating Q2 Earnings Estimates and Boosting 2024 Outlook
Sectors & Industries
August 26, 2024
CAVA Group, Inc. shares surged nearly 20% after reporting strong second-quarter earnings. The company posted adjusted earnings per share of $0.17, surpassing the expected $0.10, and revenue increased 35.2% year-over-year to $231.4 million. Same store sales grew 14.4% and CAVA also raised its full-year 2024 guidance for adjusted EBITDA.
Looking ahead, CAVA raised its full-year 2024 guidance. The company now expects adjusted EBITDA of $109 million to $114 million, up from its previous outlook of $100 million to $105 million.
"Our results in the second quarter continued to demonstrate the strength of our category-defining brand and our unique and compelling value proposition," said Brett Schulman, Co-Founder and CEO.
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