NEW YORK (TheStreet) -- Shares of Cracker Barrel Old Country Store (CBRL) - Get Report are higher by 5.03% to $148.36 on heavy trading volume in late afternoon trading on Tuesday after posting its 2016 second quarter results.
Before today's market open, the Lebanon, TN-based restaurant and store operator reported adjusted earnings of $1.91 per diluted share, in line with analysts' estimates.
Revenue rose 1.1% to $764 million year-over-year, but fell short of Wall Street's expectations of $766.72 million.
Comparable store restaurant sales rose 0.6% and comparable retail sales increased 2.6% compared to the same quarter last year.
Additionally, the company said it now expects full-year earnings in the range of $7.40 to $7.50, higher than its previous outlook of $7.15 to $7.30, the Wall Street Journal noted.
The raised forecast reflects expected moderation in food commodity prices and the anticipated benefit from a tax credit for hiring certain employees.
"We continued to deliver positive comparable store sales in the second quarter, continued to outperform our casual dining industry peers, and delivered earnings at the high end of our expectations," President and CEO Sandra B. Cochran said in a statement.
About 1.04 million of Cracker Barrel's shares were traded by this afternoon, well above its average volume of 404,367 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks rated.
The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, notable return on equity and reasonable valuation levels.
The team believes its strengths outweigh the fact that the company shows weak operating cash flow.
Recently, 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.
You can view the full analysis from the report here: CBRL