Red Robin beats estimates in 4Q; shares soar
GREENWOOD VILLAGE, Colo. (AP) — Red Robin Gourmet Burgers Inc.'s fiscal fourth-quarter net income more than doubled as more customers ate in its restaurants and spent more each visit.
The company's results topped Wall Street expectations. Its shares soared nearly 19 percent Tuesday.
Red Robin earned $6.5 million, or 45 cents per share, for the period that ended Dec. 30. That's compared with $2.9 million, or 20 cents per share, in the fourth quarter of the prior year. After excluding charges for debt refinancing and other one-time items, it earned 59 cents per share, up from 28 cents per share a year earlier.
The company's total revenue increased nearly 17 percent to $240.7 million from $206 million, with a boost from an extra week in the most recent quarter.
Analysts polled by FactSet expected the company to earn 46 cents per share on revenue of $235.1 million.
Red Robin CEO Steve Carley said Red Robin outpaced the industry for customer growth.
The company said revenue from its company-owned stores open at least a year increased 1.4 percent. This is considered a key measure of financial performance because it strips away the impact of recently opened and closed stores. As of the end of the quarter, there were 339 company-owned Red Robin restaurants.
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