Potbelly stock was hit hard on Friday following the release of its earnings report for the third quarter of 2018.
During the third quarter of the year, Potbelly (NASDAQ:PBPB) reported earnings per share of 9 cents. This is an increase over the company’s earnings per share of 7 cents from the same time last year. However, it was bad news for PBPB stock by missing Wall Street’s earnings per share estimate of 11 cents for the quarter.
Net loss reported by Potbelly for the third quarter of the year came in at $1.96 million for the third quarter of 2018. This is worse off from the company’s net loss of $240,000 that was reported in the third quarter of 2017.
Potbelly’s most recent earnings report also saw the sandwich company reporting an operating loss of $2.70 million. The company reported an operating loss of $574,000 during the same period of the year prior.
Potbelly also reported revenue of $107.00 million for the third quarter of the year. This is better than the company’s revenue of $106.13 million that was reported in the third quarter of the previous year. Unfortunately for Potbelly stock, this wasn’t able to match analysts’ revenue estimate of $109.83 million for the period.
The earnings report for the third quarter of 2018 also sees PBPB providing an outlook for the full year. The company says that it is expecting earnings per share for the year to range from 26 cents to 27 cents. This isn’t good news for Potbelly stock as Wall Street is looking for earnings per share of 37 cents for 2018.
PBPB stock was down 7% as of Friday morning and is down 8% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.