Cheesecake Factory: 3Q Earnings Snapshot
CALABASAS HILLS, Calif. (AP) _ The Cheesecake Factory Inc. (CAKE) on Tuesday reported third-quarter profit of $28.5 million.
The Calabasas Hills, California-based company said it had net income of 61 cents per share. Earnings, adjusted for asset impairment costs, were 62 cents per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.
The restaurant chain posted revenue of $580.9 million in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $584.8 million.
Cheesecake Factory shares have climbed slightly more than 2 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $49.29, a rise of almost 10 percent in the last 12 months.