Grubhub Inc. (NYSE: GRUB) reported its most recent quarterly results before the markets opened on Thursday. Although Grubhub had a record number of active diners this quarter, the bottom line still held this company way back.
The food delivery firm said that it had $0.19 in earnings per share (EPS) and $287.7 million in revenue, which compares with consensus estimates of $0.28 in EPS and $290.72 million in revenue. The fourth quarter of last year reportedly had $0.37 in EPS and $205.08 million in revenue.
During the latest quarter, active diners increased 22% year over year to 17.7 million from 14.5 million in the fourth quarter of 2017.
Daily Average Grubs (DAGs) were 467,500, a 19% increase from 392,500 DAGs in the same period last year. Gross food sales increased 21% to $1.4 billion.
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Looking ahead to the first quarter, the company expects to see revenues in the range of $310 million to $330 million and adjusted EBITDA between $40 million and $50 million. Consensus estimates call for $0.43 in EPS and $322.53 million in revenue for the quarter.
Matt Maloney, Grubhub’s founder and CEO, commented:
2018 was a transformational year for Grubhub. We made great progress connecting hungry takeout diners with the restaurants they want, further positioning ourselves to continue to capture a significant share of the more than $200 billion takeout industry in the U.S. We deepened relationships with our restaurant partners through acquisitions of LevelUp and Tapingo, increased the number of restaurants that partner with us to more than 105,000, grew active diners on our platform by 3.2 million, and – most emblematic of the year – accelerated organic DAG growth on our marketplace every single quarter. We couldn’t be more excited about building on this momentum in 2019.
Shares of Grubhub were last seen down about 20% at $67.90 on Thursday, in a 52-week range of $66.64 to $149.35. The consensus price target is $114.73.
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