NEW YORK (TheStreet) -- Shares of Cheesecake Factory (CAKE) - Get Report were jumping 8.41% to $53.25 in after-hours trading on Wednesday after the company posted better-than-anticipated results for the 2016 third quarter.
After today's closing bell, the Calabasas Hills, CA-based restaurant chain reported adjusted earnings of 70 cents per diluted share, surpassing analysts' estimates of 61 cents per share.
Revenue of $560.0 million topped Wall Street's projections of $557.8 million.
Same-store sales rose 1.7% over last year. Analysts were looking for growth of 0.8%, according to FactSet.
So far in the fourth quarter, Cheesecake Factory has opened three new U.S. locations and expects to open three more by the end of the year. The company also plans to open a total of eight restaurants domestically this year.
Additionally, the company announced a quarterly cash dividend of 24 cents per share. The dividend is payable on November 22 to shareholders of record on November 8.
"We are executing at a high level operationally, positioning us well for a strong finish to 2016 and as we look ahead to 2017," CEO David Overton said in a statement.
About 1.56 million of the company's shares traded on Wednesday vs. its 30-day average of roughly 674,000 shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth, notable return on equity, reasonable valuation levels and good cash flow from operations. We feel its strengths outweigh the fact that the company shows low profit margins.
You can view the full analysis from the report here: CAKE