NASDAQ$FWRG
First Watch Restaurant Group Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
First Watch reported a solid quarter with positive same restaurant sales and year-over-year adjusted EBITDA growth.
First Watch reported a 14.7% increase in total revenues to $242.4 million. Same-restaurant sales growth was 0.5%. Net income decreased to $7.2 million, or $0.12 per diluted share. Adjusted EBITDA increased to $28.6 million.
- Total revenues increased 14.7% to $242.4 million.
- System-wide sales increased 9.4% to $289.6 million.
- Same-restaurant sales growth of 0.5% and same-restaurant traffic growth of (4.5)%.
- Net income decreased to $7.2 million, or $0.12 per diluted share.
Headline financials
Revenue & EPS history
First Watch · Revenue · Quarterly
$242M
Revenue by segment
First Watch · $211M total across 2 segments · Q1 2023
- Restaurant Sales$208M+21.9%98.4%
- Franchise Revenues$3.44M+40.7%1.6%
Forward guidance
Management provides the following updated outlook for the 52-week fiscal year ending December 29, 2024: Same-restaurant sales growth in a range of flat-to-up 2.0%. Total revenue growth in the range of 17.0% to 19.0%. Total of 51 to 57 new system-wide restaurants, net of 1 company-owned and 1 franchise-owned restaurant closure (44 to 48 new company-owned restaurants and 9 to 11 new franchise-owned restaurants).
Tailwinds
- Same-restaurant sales growth in a range of flat-to-up 2.0%
- Total revenue growth in the range of 17.0% to 19.0%
- Total of 51 to 57 new system-wide restaurants
- 44 to 48 new company-owned restaurants
- 9 to 11 new franchise-owned restaurants
Headwinds
- Same restaurant traffic growth in the negative low single digits.
- Adjusted EBITDA in the range of $106.0 million to $112.0 million
- Blended tax rate in the range of 27.0% to 29.0%
- Capital expenditures in the range of $125.0 million to $135.0 million invested primarily in new restaurant projects and planned remodels
- Net of 1 company-owned and 1 franchise-owned restaurant closure
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.9%
Avg return
Earnings day
-0.6%
Avg return
5 days after
-0.9%
Avg return
30 days after
39%
9 / 23 earnings
Positive
+15.5%
Q3 2024
Best reaction
-17.6%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.1% | -0.7% | -16.0% | |
| Q4 2025 | -10.7% | -19.6% | -29.6% | |
| Q3 2025 | -3.9% | -3.0% | -1.3% | |
| Q1 2025 | -17.6% | -15.3% | -19.8% | |
| Q4 2024 | -7.0% | -8.9% | -3.6% | |
| Q3 2024 | +15.5% | +7.1% | +5.9% | |
| Q2 2024 | +10.8% | +13.7% | +11.0% | |
| Q1 2024 | -13.1% | -16.7% | -24.9% | |
| Q4 2023 | -3.8% | -1.8% | -10.0% | |
| Q3 2023 | -0.3% | +1.2% | +12.1% | |
| Q2 2023 | +2.8% | +3.3% | +2.6% | |
| Q1 2023 | +2.3% | +1.3% | +6.8% | |
| Q4 2022 | -3.3% | -5.2% | -6.0% | |
| Q3 2022 | -11.4% | -3.9% | -12.4% | |
| Q2 2022 | -0.2% | +1.9% | +2.7% | |
| Q2 2021 | -0.2% | +1.9% | +2.7% | |
| Q1 2021 | +8.9% | +19.6% | +32.5% | |
| Q1 2022 | +8.9% | +19.6% | +32.5% | |
| Q4 2021 | -1.7% | -3.3% | -6.0% | |
| Q4 2019 | -1.7% | -3.3% | -6.0% | |
| Q3 2021 | +1.8% | -0.3% | +2.0% | |
| Q4 2020 | +1.8% | -0.3% | +2.0% | |
| Q3 2020 | +1.8% | -0.3% | +2.0% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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