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Cheesecake Factory meets 4Q profit forecasts

CALABASAS HILLS, Calif. (AP) _ The Cheesecake Factory Inc. (CAKE) on Wednesday reported fourth-quarter profit of $32.4 million.

The Calabasas Hills, California-based company said it had net income of 66 cents per share. Earnings, adjusted for asset impairment costs, came to 67 cents per share.

The results matched Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was also for earnings of 67 cents per share.

The restaurant chain posted revenue of $603.1 million in the period, which topped Street forecasts. Seven analysts surveyed by Zacks expected $594.3 million.

For the year, the company reported profit of $139.5 million, or $2.83 per share. Revenue was reported as $2.28 billion.

Cheesecake Factory shares have climbed slightly since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $60.10, an increase of 21 percent 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

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Keywords: Cheesecake Factory, Earnings Report