Cracker Barrel Boosts Outlook as Q2 Earnings Beat Estimates (CBRL)
Restaurant/retail concept operator Cracker Barrel Old Country Store, Inc. (CBRL) on Tuesday posted better-than-expected fiscal second quarter earnings and raised its full-year earnings guidance.
The Lebanon, TN-based company reported fiscal second quarter net income of $25.6 million, or $1.10 per share, compared with $28.8 million, or $1.20 per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.20 per share.
Revenue rose 5% from last year to $673.2 million.
On average, Wall Street analysts expected a smaller profit of $1.14 per share on lower revenue of $659.2 million.
Looking ahead, CBRL raised its full-year 2012 earnings forecast to a range of $4.20 to $4.35 per share, up from a prior estimate of $4.10 to $4.25. Analysts are looking for $4.29 per share for the year.
Cracker Barrel shares were unchanged in premarket trading Tuesday.
The Bottom Line
Shares of Cracker Barrel (CBRL) have a 1.80% dividend yield, based on Friday’s closing stock price of $55.63. The stock has technical support in the $50-$52 price area. The shares are trading right at all-time highs.
Cracker Barrel Old Country Store, Inc. (CBRL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.