Cheesecake Factory Misses 3Q Profit Forecasts

Earnings Associated Press

The Cheesecake Factory Inc. (CAKE) on Wednesday reported earnings of $24.2 million in its third quarter.

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On a per-share basis, the Calabasas Hills, Calif.-based company said it had profit of 48 cents.

The results did not meet Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.

The restaurant chain posted revenue of $499.1 million in the period, exceeding Street forecasts. Analysts expected $496.7 million, according to Zacks.

Cheesecake Factory shares have declined roughly 8 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $44.50, a climb of slightly more than 2 percent in the last 12 months.