CALABASAS HILLS, Calif. (AP) _ The Cheesecake Factory Inc. (CAKE) on Wednesday reported first-quarter net income of $3.9 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Calabasas Hills, California-based company said it had profit of 3 cents. Earnings, adjusted for non-recurring costs and pretax expenses, were 20 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 15 cents per share.
The restaurant chain posted revenue of $627.4 million in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $597.7 million.
Cheesecake Factory shares have increased 59% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $59.02, more than doubling in the last 12 months.
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
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