Portillo'S Inc. Stock Price, News & Analysis

Portillo’s Inc. (NASDAQ: PTLO) reported a 9.5% increase in total revenue for Q3 2022, totaling $151.1 million, compared to the previous year. However, operating income fell by 38.5% to $10.6 million, and net income decreased 51.0% to $3.2 million. Same-restaurant sales saw a 5.8% growth, supported by price increases and new restaurant openings. Despite commodity inflation and rising labor costs impacting margins, management remains optimistic about long-term growth. The company also completed a secondary offering of 8.1 million shares at $23.75 each.

Portillo’s Inc. (Nasdaq: PTLO) has announced it will report its third quarter 2022 financial results on November 3, 2022, before market opens.

A live webcast featuring CEO Michael Osanloo and CFO Michelle Hook will take place at 10:00 AM ET the same day. Investors can access the webcast on the company’s investor relations website and via telephone. Portillo’s operates over 70 restaurants across nine states, specializing in Chicago-style hot dogs and Italian beef sandwiches.

Portillo’s Inc. (NASDAQ: PTLO) announced the partial exercise of an underwriters’ over-allotment option related to a synthetic secondary offering, increasing the total Class A shares sold to 8,066,458. The underwriters purchased an additional 66,458 shares at $23.75 each. The offering closed on September 13, 2022, and Portillo’s will not receive any proceeds, as funds will go to buying LLC Units or shares from selling stockholders. The registration statement for these securities has been filed with the SEC.

Portillo’s (NASDAQ: PTLO) has appointed Mike Ellis as Chief Development Officer, bringing over 30 years of extensive restaurant development experience. Ellis previously served in leadership roles at notable restaurants, including Cracker Barrel, where he led growth strategies. His appointment follows the retirement of Sherri Abruscato, strengthening Portillo’s position as it continues its expansion into new markets, including a planned restaurant in Texas this year. The company aims to cement its growth trajectory while enhancing operational efficiency.

Portillo’s Inc. (Nasdaq: PTLO) announced the pricing of a public offering of 8,000,000 shares of its Class A common stock at $23.75 each, with a 30-day option for underwriters to buy an additional 1,200,000 shares. The offering is set to close on August 16, 2022. Portillo's plans to use the net proceeds for purchasing LLC units and shares from existing holders in a synthetic secondary transaction, resulting in no proceeds for the company. The total share count will remain unchanged post-offering.

Portillo’s Inc. (Nasdaq: PTLO) has announced a public offering of 8,000,000 shares of Class A common stock, with an option for underwriters to purchase an additional 1,200,000 shares. The net proceeds will be used for a synthetic secondary transaction, specifically to buy LLC Units from existing holders and Class A shares from certain holders, meaning Portillo’s will not receive any proceeds from this offering. The offering is subject to market conditions, with Jefferies and Morgan Stanley serving as lead managers.

Portillo’s Inc. (Nasdaq: PTLO) will host its Inaugural Investor Day on November 8, 2022, at 8:30 a.m. ET in New York City. CEO Michael Osanloo and CFO Michelle Hook will discuss the company’s strategies and financial outlook, focusing on operational excellence, multi-channel sales, and restaurant expansion.

The event will feature presentations and Q&A sessions with executives. Due to limited space, advance registration for in-person attendance is necessary. A live webcast will be available for those who cannot attend.

Portillo's Inc. (NASDAQ: PTLO) reported a 7% increase in total revenue for Q2 2022, reaching $150.6 million, driven by new restaurant openings and 1.9% same-restaurant sales growth. However, operating income and net income fell by 28.7% and 21.8%, respectively, reflecting rising operating expenses and commodity inflation impacting margins. Despite these challenges, management remains confident in the brand's long-term growth potential, aided by ongoing operational efficiencies and menu price adjustments.