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Buffalo Wild Wings shares surge after earnings beat, boost in guidance

Shares of Buffalo Wild Wings on Wednesday jumped more than 20 percent in after-hours trading after the company posted higher-than-expected earnings for the third quarter.

The restaurant chain also raised its earnings forecast for the year. It now expects 2017 EPS, on an adjusted basis, to come in at $4.85 to $5.15. In July, it cut its adjusted earnings outlook to $4.50 to $5 a share from a previous forecast of $5.45 to $5.90 a share.

Buffalo Wild Wings on Wednesday posted earnings of $1.36 a share, excluding items, easily topping analysts' projections of 79 cents a share. Revenue, however, missed, at $497 million, compared with Wall Street expectations of $502 million.

Shares of the company closed more than 4.1 percent down Wednesday at $101.15, and have tumbled more than 34 percent so far this year as of the close.

CEO Sally Smith attributed the results to a mix of cost-savings initiatives and sales promotions.

Investors could well see this as a welcome change after several months looking to see whether Buffalo Wild Wings can turn its fortunes around.

In July, the company slashed its 2017 outlook after a sizable miss on second quarter earnings. At the time Smith, attributed weak sales to higher than average wing prices and a change-up in menu promotions.

Smith announced in June that she would step down by year's end following a bitter proxy battle with activist investors Marcato.

CNBC's Sarah Whitten contributed to this report.