Cava shares surge as Mediterranean restaurant chain swings to a profit in first report since IPO

Cava on Tuesday posted a profitable quarter for its first earnings report since its initial public offering in June.

Here’s what the company reported for the quarter ended July 9:

Earnings per share: 21 centsRevenue: $172.9 million

The Mediterranean restaurant company reported second-quarter net income of $6.5 million, or 21 cents per share, swinging from a net loss of $8.2 million, or $6.23 per share, a year earlier.

Net sales soared 62% to $172.9 million, fueled by new restaurant openings. Wall Street analysts surveyed by Refinitiv were expecting the company to report revenue of $163 million.

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