Cheesecake Factory: 2Q Earnings Snapshot
CALABASAS HILLS, Calif. (AP) _ The Cheesecake Factory Inc. (CAKE) on Wednesday reported second-quarter net income of $35.5 million.
On a per-share basis, the Calabasas Hills, California-based company said it had net income of 79 cents. Earnings, adjusted for investment costs, were 82 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The restaurant chain posted revenue of $602.6 million in the period, missing Street forecasts. Ten analysts surveyed by Zacks expected $610.4 million.
Cheesecake Factory shares have dropped 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $43.08, a decline of 23% in the last 12 months.