Stock Monitor: RAVE Restaurant Group Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 24, 2018 / If you want access to our free earnings report on Texas Roadhouse, Inc. (NASDAQ: TXRH), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TXRH. The Company reported its first quarter fiscal 2018 operating and financial results on April 30, 2018. The restaurant chain reported better than expected revenues, while its earnings matched market expectations. The Company also made an announcement related to a new CFO and dividend distribution. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the 13-week period ended March 27, 2018, Texas Roadhouse's revenues grew 10.6% to $627.7 million compared to $567.7 million in Q1 2017, driven by a 6.5% increase in store weeks and a 4.4% increase in average unit volumes. The Company's revenue numbers beat analysts' estimates of $626.6 million.
During Q1 2018, Texas Roadhouse's comparable restaurant sales increased 4.9%, comprised of a traffic growth of 4% and an increase in average tax of 0.9%. The Company's comparable restaurant sales increased 3.9% at domestic franchise restaurants.
For Q1 2018, Texas Roadhouse's restaurant margin increased 6.3% to $119.4 million from $112.3 million in Q1 2017; and, as a percentage of restaurant and other sales, decreased 75 basis points to 19.2%.
Texas Roadhouse's income tax rate decreased to 13.0% in Q1 2018 from 26.5% in Q1 2017, primarily due to the impact of a new tax legislation.
For Q1 2018, Texas Roadhouse reported a net income of $54.5 million, or $0.76 per diluted share, compared to $34.3 million, or $0.48 per diluted share, in Q1 2017. The Company's reported quarter results included the benefit of a lower tax rate, which contributed $0.11 to earnings in Q1 2018, as well as lower general and administrative expenses. For Q1 2017, the Company's earnings included a $14.9 million pre-tax charge, which impacted diluted earnings per share (EPS) by $0.13. Texas Roadhouse's EPS were in-line with Wall Street's estimates of $0.76.
During Q1 2018, Texas Roadhouse opened seven Company restaurants, including one Bubba's 33 restaurant and two international franchise restaurants.
As of March 27, 2018, Texas Roadhouse had $198 million in cash and $52 million in debt. During the reported quarter, the Company generated cash flow from operations of $107 million; incurred capital expenditures of $35 million; and paid dividends of $15 million. Texas Roadhouse is projecting capital expenditure of approximately $165 million to $175 million for FY18, excluding any cash used for franchise acquisition.
On May 18, 2018, Texas Roadhouse's Board of Directors authorized the payment of a cash dividend of $0.25 per share of its common stock. This payment will be distributed on June 29, 2018, to shareholders of record at the close of business on June 13, 2018.
Change in CFO
On May 18, 2018, Texas Roadhouse announced that its Vice President of Finance and Investor Relations, Tonya Robinson, has been promoted to Chief Financial Officer (CFO). Robinson assumes the role previously held by current the Texas Roadhouse President, Scott Colosi, who has served as interim CFO since 2015.
For the full fiscal year 2018, Texas Roadhouse is forecasting positive comparable restaurant sales growth. The Company is expecting approximately 30 Company restaurant openings, including up to seven Bubba's 33 restaurants. Texas Roadhouse is estimating mid-single digit growth in labor dollars per store week, excluding the impact of higher guest counts; and an income tax rate of 15.0% to 16.0%.
Stock Performance Snapshot
May 23, 2018 - At Wednesday's closing bell, Texas Roadhouse's stock slightly rose 0.42%, ending the trading session at $60.19.
Volume traded for the day: 403.70 thousand shares.
Stock performance in the last three-month – up 6.68%; previous six-month period – up 20.55%; past twelve-month period – up 25.68%; and year-to-date – up 14.26%
After yesterday's close, Texas Roadhouse's market cap was at $4.39 billion.
Price to Earnings (P/E) ratio was at 29.01.
The stock has a dividend yield of 1.66%.
The stock is part of the Services sector, categorized under the Restaurants industry. This sector was up 0.4% at the end of the session.
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