Restaurant operator Cracker Barrel Old Country Store, Inc. (
) on Tuesday said its fiscal fourth quarter profit fell 36% from
last year and provided a lower-than-expected earnings outlook,
sending its shares lower in premarket trading.
The Lebanon, TN-based company reported fiscal fourth quarter net
income of $17.5 million, or 75 cents per share, compared with $27.4
million, or $1.14 perhare, in the year-ago period. Excluding
one-time items, adjusted profit was $1 per share.
Revenue was flat from last year at $613 million.
On average, Wall Street analysts expected a smaller profit of 94
cents per share, albeit on higher revenue of $619.9 million.
Looking ahead, the company forecast 2012 earnings of $4.05 to
$4.20 per share, which would miss analyst expectations of $4.25 per
share for the year.
CBRL also boosted its quarterly dividend payout by 14% to 25
cents per share. The new dividend will be payable on Nov. 7 to
shareholders of record as of Oct. 21. The company's board also
approved a new $65 million share buyback plan.
Cracker Barrel shares fell $2, or -5%, in premarket trading
The Bottom Line
Shares of Cracker Barrel (
) have a 2.51% dividend yield, based on last night's closing stock
price of $39.86. The stock has technical support in the $36-$37
price area. If the shares can firm up, we see overhead resistance
around the $42-$45 price levels.
Cracker Barrel Old Country Store, Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.1 out of 5 stars.
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