CALABASAS HILLS, Calif. (AP) _ The Cheesecake Factory Inc. (CAKE) on Wednesday reported first-quarter net income of $23.2 million, after reporting a loss in the same period a year earlier.
The Calabasas Hills, California-based company said it had net income of 45 cents per share. Earnings, adjusted for one-time gains and costs, were 47 cents per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The restaurant chain posted revenue of $793.7 million in the period, which topped Street forecasts. Nine analysts surveyed by Zacks expected $782.1 million.
Cheesecake Factory shares have decreased almost 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $36.86, a decline of 36% 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