CALABASAS HILLS, California — The Cheesecake Factory Inc. (CAKE) on Wednesday reported first-quarter net income of $28.4 million.
On a per-share basis, the Calabasas Hills, California-based company said it had profit of 56 cents.
The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.
The restaurant chain posted revenue of $518 million in the period, which fell short of Street forecasts. Eleven analysts surveyed by Zacks expected $518.9 million.
Cheesecake Factory shares have fallen 0.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $50.05, an increase of slightly more than 4 percent in the last 12 months.
Keywords: Cheesecake Factory, Earnings Report
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