FIRST WATCH RESTAURANT Reports Second Quarter FY2023 Earnings Results for Period Ending June 30 2023
August 7, 2023
🌥️Earnings Overview
On August 1 2023, FIRST WATCH RESTAURANT ($NASDAQ:FWRG) released its earnings results for the second quarter of FY2023, ending June 30 2023. The company reported a 17.3% increase in total revenue compared to the prior year quarter, reaching USD 216.3 million. Net income also rose 193.7% year over year, standing at USD 8.0 million.
Share Price
The company opened their stock at $19.7 and closed at $20.0, up 7.2% from the previous closing price of $18.6. This marked an increase in their stock price for the quarter and gave investors a positive outlook on the future of the restaurant chain. Overall, the strong earnings report from FIRST WATCH RESTAURANT has given investors optimism that the company will be able to continue its success in the future. With rising sales and improved customer traffic, it is clear that the restaurant chain is doing well and is well positioned for future growth. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for FWRG. More…
| Total Revenues | Net Income | Net Margin |
| 800.3 | 16.88 | 2.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for FWRG. More…
| Operations | Investing | Financing |
| 86.71 | -73.34 | -0.1 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for FWRG. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.16k | 616.78 | 9.18 |
Key Ratios Snapshot
Some of the financial key ratios for FWRG are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 18.7% | – | 4.1% |
| FCF Margin | ROE | ROA |
| 2.6% | 3.8% | 1.8% |
Analysis
GoodWhale has completed an analysis of FIRST WATCH RESTAURANT’s fundamentals and classified it as a ‘cheetah’ according to our star chart. This type of company is one that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. FIRST WATCH RESTAURANT has an intermediate health score of 6/10 with regard to its cashflows and debt, suggesting that it is likely to sustain future operations in times of crisis. It is strong in growth, and medium in profitability, however it is weak in terms of assets and dividends. As such, FIRST WATCH RESTAURANT may be of interest to investors looking for high-growth but less stable companies. Investors should be aware of the risk associated with such an investment, as there could be volatile returns in comparison to more established and profitable companies. More…
Peers
First Watch has over 350 locations across the United States. The company was founded in 1983 and is headquartered in Bradenton, Florida. Max’s Group Inc, DBUB Group Inc, and Muscle Maker Inc are all companies that compete with First Watch Restaurant Group Inc.
– Max’s Group Inc ($PSE:MAXS)
Max’s Group Inc is a holding company that operates in the Philippines through its subsidiaries. The company is engaged in restaurant business, as well as in the franchise, development, and operation of quick-service restaurants. It also engages in the manufacture and sale of food products. Max’s Group Inc has a market cap of 3.3B as of 2022, a Return on Equity of 10.63%. The company has been in operation for over 70 years and has a strong presence in the Philippines.
– DBUB Group Inc ($NASDAQ:GRIL)
Muscle Maker Inc is a company that provides healthy food options. Its market cap is 10.74M as of 2022 and its ROE is -20.03%. The company has been growing steadily over the past few years and has been able to provide healthy food options to its customers. However, its ROE is still negative, which means that it is not making a profit. The company will need to continue to grow in order to become profitable.
Summary
Investors in FIRST WATCH RESTAURANT are encouraged by the company’s second quarter of FY2023 earnings results, which reported total revenue of USD 216.3 million, a 17.3% increase year-over-year, and a 193.7% increase in net income to USD 8.0 million. This strong performance is reflected in the stock price, which moved up on the day of the announcement. Analysts expect the company to maintain its momentum, with further growth expected due to its focus on operational excellence and market expansion.
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