Cheesecake Factory: Q3 Earnings Snapshot
CALABASAS HILLS, Calif. (AP) — CALABASAS HILLS, Calif. (AP) — The Cheesecake Factory Inc. (CAKE) on Wednesday reported third-quarter net income of $17.9 million, after reporting a loss in the same period a year earlier.
The Calabasas Hills, California-based company said it had net income of 37 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 39 cents per share.
The results did not meet Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The restaurant chain posted revenue of $830.2 million in the period, also missing Street forecasts. Ten analysts surveyed by Zacks expected $841.9 million.
Cheesecake Factory shares have dropped nearly 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $30.86, a decrease of roughly 10% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAKE at https://www.zacks.com/ap/CAKE