RTTNews | Jul 28, 2021 10:47AM EDT

10:46 Wednesday, July 28, 2021 (RTTNews.com) - Shares of specialty food products distributor The Chefs' Warehouse, Inc. (CHEF) are rising more than 12% after reporting better-than-expected second-quarter results.

The company reported net income of $1.1 million, or $0.03 per share, for the second quarter, compared to net loss of $20.3 million, or $0.62 per share, in the same quarter a year ago.

Excluding items, earnings were 0.04 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.32 loss per share.

Net sales increased 111% to $422.97 million for the second quarter from $200.5 million last year. The consensus estimate was for $355.02 million.

"Business activity and revenue grew steadily throughout the second quarter as existing and new customer openings increased and COVID-related restrictions eased across many key markets. Sales toward the end of June 2021 were trending in line with 2019 sales, inclusive of acquisitions completed in 2020 and 2021." said Chris Pappas, Chairman and Chief Executive Officer of the Company.

CHEF, currently at $29.80, has been trading in the range of $11.06- $35.56 in the last one year.

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