Austin-based Tex-Mex restaurant chain Chuy’s on Tuesday posted another strong earnings report, with the company’s revenue in the second quarter up nearly 23 percent.
Chuy’s said it had revenue of $53.4 million, meeting analysts’ expectations of $53.12 million.
Revenue for the quarter ended June 30 was a 22.7 percent increase over revenue in the same quarter a year ago, the company said.
Chuy’s reported net income of $3.2 million, or 19 cents, compared with $1.7 million, or 15 cents, during the same quarter a year ago.
Before one-time items, the company posted earnings per share of 22 cents, up from 17 cents a year ago. Analysts had expected 21 cents.
Founded in 1982 by Mike Young and John Zapp as a single restaurant on Barton Springs Road in Austin, Chuy’s raised $75.8 million in an initial public offering in July 2012, selling 5.8 million shares at $13 each to institutional investors.
Since then, the stock has risen to the upper $30 range. It closed on Tuesday at $38.81 a share, up 30 cents, or .78 percent.
The company said the revenue increase was primarily driven by $10.1 million in incremental revenue from an additional 112 operating weeks from 12 new restaurants that opened during and after the second quarter of 2012.
Chuy’s has opened three new restaurants in the second quarter − in Richmond, Va., Little Rock, Ark. and Charlotte, N.C. It plans to open eight to nine restaurants in 2013, CEO Steve Hislop said.
“We are encouraged by the ongoing momentum of our business that resulted in strong second quarter growth,” Hislop said in a written statement.
“Our made-from-scratch Tex Mex inspired menu, commitment to value and upbeat irreverent atmosphere continue to drive guest loyalty throughout our existing restaurant base.”