GREENWOOD VILLAGE, Colorado — Red Robin Gourmet Burgers Inc. said Tuesday that its first-quarter profit rose as more customers visited and paid more on average per visit.
Its performance topped analysts' estimates, and the stock climbed more than 12 percent in morning trading.
The casual restaurant operator earned $16.6 million, or $1.16 per share, for the period ended April 19. A year earlier it earned $11.9 million, or 82 cents per share.
Earnings, adjusted for non-recurring gains in the latest period, were $1.10 per share, beating Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
Revenue for the Greenwood Village, Colorado-based company climbed to $394.9 million from $340.5 million, which also beat Wall Street forecasts. Six analysts surveyed by Zacks expected $394.1 million.
Red Robin's total revenue includes company-owned restaurant revenue and franchise royalties.
Guest count rose 1.1 percent in the quarter, with the average check up 2 percent.
Revenue at locations open at least a year increased 3.1 percent. This metric is a key indicator of a restaurant chain's health. It excludes results from locations recently opened or closed.
For the fiscal year, Red Robin anticipates revenue increasing 12 percent to 12.5 percent.
The company's shares gained $9.26, or 12.7 percent, to $82.21 in morning trading. The stock has climbed 18 percent in the last 12 months.
Red Robin had 517 restaurants at quarter's end.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RRGB at http://www.zacks.com/ap/RRGB
Keywords: Red Robin, Earnings Report