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Fogo de Chao beats Street 4Q forecasts

DALLAS (AP) _ Fogo de Chao Inc. (FOGO) on Tuesday reported fourth-quarter net income of $7.7 million.

The Dallas-based company said it had net income of 27 cents per share. Earnings, adjusted for asset impairment costs, were 28 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.

The steakhouse chain operator posted revenue of $80.9 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $77.3 million.

Fogo de Chao expects full-year earnings in the range of 92 cents to 95 cents per share, with revenue in the range of $315 million to $320 million.

Fogo de Chao shares have dropped slightly more than 7 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $13.30, a drop of 15 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 FOGO at https://www.zacks.com/ap/FOGO

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Keywords: Fogo de Chao, Earnings Report