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Sep 30, 2024
Dutch Bros Q3 2024 Earnings Report
Dutch Bros reported exceptional Q3 2024 performance, driven by strategic initiatives and operational execution.
Key Takeaways
Dutch Bros Inc. reported a strong third quarter in 2024, with a 28% increase in revenue to $338.2 million. Systemwide same shop sales grew by 2.7%. The company opened 38 new shops and raised its revenue and adjusted EBITDA guidance for the year.
Total revenues grew by 27.9% to $338.2 million compared to the same period in 2023.
Systemwide same shop sales increased by 2.7% relative to the same period in 2023.
Opened 38 new shops, 33 of which were company-operated, across 11 states.
Net income was $21.7 million compared to $13.4 million in the same period of 2023.
Dutch Bros
Dutch Bros
Dutch Bros Revenue by Segment
Revenue by Segment
Company-operated shops Revenue
CapyFin.comFranchising and other Revenue
CapyFin.com Forward Guidance
Dutch Bros revised its 2024 outlook, projecting total revenues between $1.255 billion and $1.260 billion and adjusted EBITDA between $215 million and $220 million.
Positive Outlook
- Total revenues are now projected to be between $1.255 billion and $1.260 billion, up from the prior range of $1.215 billion to $1.230 billion.
- Total system shop openings in 2024 are now expected to be 150, consistent with the previously communicated outlook at the lower end of 150 to 165.
- Same shop sales growth for 2024 is expected to be approximately 4.25%, from low single digits previously.
- Adjusted SG&A is estimated to be between $195 million and $200 million, from $190 million to $200 million previously.
- Adjusted EBITDA is now estimated to be between $215 million and $220 million, up from the prior range of $200 million to $210 million.
Challenges Ahead
- Capital expenditures are estimated to be between $245 million to $265 million, down from the prior range of $270 million to $290 million.
- Same shop sales growth for the fourth quarter of 2024 is expected to be between 1% and 2%.
- Unspecified risks related to general economic conditions.
- Unspecified risks related to commodity inflation.
- Unspecified risks related to increased labor costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income