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Shares of Krispy Kreme (DNUT) – Get Report were rising after hours Tuesday after reporting second quarter results that were ahead of analyst estimates.
The 83-year old Charlotte, N.C.-based donut company reported second quarter revenue of $349.2 million, a 42.6% increase from a year ago, with earnings of 13 cents per share. Analysts were expecting revenue of $333.4 million with earnings of 14 cents per share.
“These results show the ongoing success from the implementation of our growth strategy,” said CEO Mike Tattersfield. “The second quarter saw great continued momentum in the U.S. and Canada, enhanced by strong ongoing recovery in International.”
For the full year, the company expects revenue between $1.34 billion and $1.38 billion. Analysts are expecting the company to report revenue of $1.34 billion.
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“We are confident in our short and long-term growth targets as we continue to execute on our strategy,” Tattersfield said.
Krispy Kreme, which debuted earlier this year, was rising 1.14% to $14.20 after hours Tuesday. The stock is still below its $17 initial public offering price of $17 per share.
Revenue in the U.S. and Canada grew to $230.9 million from $184.3 million the previous year. International net revenue grew to $89.2 million from $34.4 million the previous year.
The doughnut maker raised $500 million in the offering, below expectations of $640 million.
Krispy Kreme sold more than 29 million shares in the IPO, more than the planned sale of 27 million. The stock has a valuation of just below $2.8 bil! lion.
