Restaurant and retail store operator Cracker Barrel Old Country Store, Inc. ( CBRL ) on Tuesday posted lower-than-expected fiscal third quarter earnings and issued a full-year forecast well below analysts view.
The Lebanon, TN-based company reported fiscal third quarter net income of $15.2 million, or 64 cents per share, compared with $14.4 million, or 61 cents per share, in the year-ago period. Excluding a one-time gain, adjusted profit was 58 cents per share.
Revenue rose less than 1% from last year to $582.53 million.
On average, Wall Street analysts expected a larger profit of 66 cents per share, on higher revenue of $594.45 million.
Looking ahead, the company said it now expects full-year earnings to range from $3.80 and $3.90 per share, which would badly miss analysts expectations of $4.09 per share for the year.
Cracker Barrel shares fell $3.21, or -6%, in premarket trading Tuesday.
The Bottom Line
Shares of Cracker Barrel ( CBRL ) have a 1.66% dividend yield, based on last night's closing stock price of $53.15. The stock has technical support in the $48 price area. If the shares can firm up, we see overhead resistance around the $56-$58 all-time price levels.
Cracker Barrel Old Country Store, Inc. ( CBRL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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