Ignite Restaurant Group Earnings: Here’s Why Investors Don’t Like These Results

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Ignite Restaurant Group Inc (NASDAQ:IRG) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.23%.
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Ignite Restaurant Group Inc Earnings Cheat Sheet

Results:

Revenue: Rose 14.32% to $118.24 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: reported adjusted EPS income of $0.11 per share. By that measure, the company missed the mean analyst estimate of $0.12. It missed the average revenue estimate of $120.62 million.

Quoting Management: “While our first quarter results reflect the economic headwinds that affected the restaurant industry, we are pleased that our new units continue to perform well above the system average”, commented Ray Blanchette, Chief Executive Officer of Ignite Restaurant Group. “We are also pleased with the solid results at Brick House, which is benefitting from the initiatives that we put in place during the last year. The integration of Macaroni Grill continues smoothly and we are moving rapidly on our efforts to improve the brand messaging and increase awareness.”

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