On July 29, Cheesecake Factory rose 9.12% in regular trading, trading at $94.78/share, with turnover of $35.98 million. The surge was driven by the company's second-quarter financial results, which significantly exceeded market expectations on both the top and bottom lines.
Cheesecake Factory reported Q2 adjusted earnings of $1.44 per diluted share, up 24.14% year-over-year from $1.16, beating the analyst consensus estimate of $1.17 by approximately 23%. Revenue for the quarter ended June 30 came in at $1.03 billion, up from $955.8 million a year earlier, surpassing the FactSet consensus estimate of approximately $997 million. The beat follows a pattern of outperformance, as Q1 results also topped expectations with EPS of $1.05 versus estimates of $1.01.
Ahead of the report, Oppenheimer had anticipated strong results driven by a successful app launch and social media momentum, projecting potential full-year EPS in the $4.50 range. Following the results, Deutsche Bank raised its price target to $92 from $68 while maintaining a Hold rating. The company operates restaurants under The Cheesecake Factory, North Italia, Flower Child, and Fox Restaurant Concepts brands, and is headquartered in Calabasas, California.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments