Shares of Waitr Holdings (WTRH 2.26%) have plunged today, closing down by 10%, after the company reported second-quarter earnings. The results topped Wall Street's expectations and Waitr continues to manage its hefty debt load.
Revenue in the second quarter was $60.5 million, ahead of the consensus estimate of $56 million in sales. That translated into net income of $10.7 million, or $0.10 per share, just edging out the $0.09 per share that the market was expecting. The food delivery tech platform had over 2 million active diners at the end of the quarter, and average daily orders during the period increased 18% to over 44,000.
"We continue to reinforce our presence in our most important markets by increasing delivery areas, adding grocery and alcohol delivery services, and expanding our customer service and dispatch teams," CEO Carl Grimstad said in a statement. "All of these growth initiatives are being supported by a leaner cost structure with an eye on efficiencies and appropriate returns on deployed capital."
Waitr finished Q2 with $66.7 million in cash and $109.5 million in long-term debt. Subsequent to the close of the quarter, Waitr prepaid $10.5 million of debt in early August in exchange for a temporary interest rate reduction of 2 percentage points for one year, and the maturity date of its credit facility and convertible notes will be extended by one year. The company had conducted an at-the-market offering last month to raise the cash it used to pay down debt.
Waitr did not host an earnings call or provide guidance for the third quarter.