Cracker Barrel Q1 EPS Grows
Cracker Barrel stock seems to be over a barrel in the wake of the company's fiscal Q1 2014 results announcement. Key figures rose on a year-over-year basis, topping analysts' expectations. For the quarter, revenue totaled $649 million, up 3% from the $627 million of Q1 2013. Net income also grew, to $27.2 million ($1.14 per diluted share), which was 17% higher than the $23.2 million ($0.97) in the year-ago quarter.
Analysts had been anticipating revenue of $647 million and EPS of $1.13.
The company also provided forward guidance. For the entirety of fiscal 2014, it reaffirmed its previous estimate that it will post revenue of $2.70 billion to $2.75 billion, and EPS of $5.60 to $5.80. The EPS projection for its current Q2 is for $1.50 to $1.60; this is below analyst expectations of $1.65.
At the moment, Cracker Barrel is in the midst of a battle with its largest shareholder, activist investor Biglari Holdings , over control of the company. Biglari recently put up candidates to serve on the firm's board and requested it pay a $20-per-share special dividend. Both efforts were voted down by shareholders earlier this month.
Following the announcement of the results, the company's stock fell by 7.2%, or $8.54, to close today at $109.58 per share.
Editor's note: A previous version of this article inaccurately reported that EPS missed analyst expectations.
The article Cracker Barrel Q1 EPS Grows originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.