Cracker Barrel Rises As 4Q Profit Tops Views

NEW YORK (AP) — Shares of Cracker Barrel Old Country Store Inc. rose Tuesday after the restaurant operator's fiscal fourth-quarter profit surpassed Wall Street's expectations.

Earlier in the day the Lebanon, Tenn.-based company reported earnings of 99 cents per share, which topped the 95 cents-per-share estimate of analysts polled by Thomson Reuters. Analysts' estimates typically exclude one-time items.

Cracker Barrel also provided 2010 revenue and income from continuing operations forecasts in range of analysts' expectations.

Robert Derrington of Morgan Keegan said in a client note that excluding an impairment charge of 7 cents per share, Cracker Barrel's profit was $1.06 per share. This beat his quarterly estimate of 95 cents per share as well as analysts' estimates.

He maintained an "Outperform" rating, saying it was supported by the company's "strong value proposition, unique Old Country Store motif combined with its considerable cash flow, attractive (stock price) and 2.5 percent dividend yield."

Cracker Barrel's stock gained 93 cents, or 2.9 percent, to $33.02 in morning trading. The shares have traded in a range of $10.67 to $35.18 over the last year.