Source: Thinkstock
In this quarter, Active Diners totaled 6.43 million, up 41% from 4.57 million last year. Daily Average Grubs were 211,500, an increase of 22% year over year. Gross Food Sales totaled $554 million, up from $424 million.
As for guidance the company expects fourth quarter revenues in the range of $98 million to $100 million, and EBITDA in the range of $23 million to $25 million. There are consensus estimates that call for $0.14 in EPS on $86.54 million in revenue for the fourth quarter.
Matt Maloney, CEO of GrubHub, commented on earnings:
GrubHub delivered strong year-over-year growth in the third quarter, driven by dependable repeat usage and robust new diner adds. During the third quarter, we reached a major milestone: we sent our 300 millionth order to our restaurant partners. This is a testament to the extraordinary value GrubHub has created for its partners as well as the degree to which we’ve changed the way people order takeout.
Maloney, added:
We are seeing encouraging early signs of success with our delivery initiative. While delivery volume remains low relative to overall volume on GrubHub, we’ve seen tangible improvements in diner frequency, order growth and conversion in some of our secondary markets where restaurants we deliver for generate a significant amount of the overall order volume. This gives us confidence that our investment in delivery will reap rewards across our entire network over time.
On the books cash, equivalents, and short term investments totaled $195.11 million compared to $313.14 million at the end of December 2014.
Shares of GrubHub were last trading down nearly 25% at $24.20, with a consensus analyst price target of $43.39 and a 52-week trading range of $22.49 to $47.95.
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