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CALABASAS HILLS, Calif. (AP) — CALABASAS HILLS, Calif. (AP) — The Cheesecake Factory Inc. (CAKE) on Wednesday reported fourth-quarter net income of $12.7 million, after reporting a loss in the same period a year earlier.
The Calabasas Hills, California-based company said it had net income of 26 cents per share. Earnings, adjusted for one-time gains and costs, were 80 cents per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The restaurant chain posted revenue of $877 million in the period, falling short of Street forecasts. Ten analysts surveyed by Zacks expected $877.3 million.
Cheesecake Factory shares have dropped 2% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $34.23, a fall of 14% in the last 12 months.
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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