Waitr posted a profit of $12.3 million in net income in the third quarter, more than doubling its net income from a year ago.
On a per-share basis, the Lafayette-based on-demand ordering and delivery service had a net income of 9 cents per share, compared to 4 cents a year ago.
Revenue, which comes from transaction fees paid by participating restaurants, grocery stores and customers, was down to $43.4 million after posting $52.7 million a year ago. For the year revenue is at $143.5 million, down from the $157.5 million reported a year ago. Adjusted EBITDA was $3.1 million, up from $2.5 million last quarter.
“We continue to recover from the third quarter hurricanes that affected our core southeast markets and financial results,” CEO Carl Grimstad said. “Our strategy is to expand our ecosystem, which today is comprised of our restaurants, diners and independent contractor drivers through the enhancement of our platforms and providing additional products and services.”
The company has acquired three payment companies and continues to form partnerships with national restaurant brands, including its agreement with Denny’s announced recently.