NEW YORK (TheStreet) -- Red Robin Gourmet Burgers (RRGB) shares are up 14.14% to $83.26 in heavy volume trading on Tuesday after the casual restaurant dining chain reported its first quarter earnings results before the opening bell today.
The Greenwood Village, CO-based company reported first quarter net income of $16.6 million, or $1.10 per share, which easily topped analysts' 88 cents per share consensus expectations for the period.
The company reported first quarter revenue that increased 16% over the previous year to $395 million, in line with analysts' expectations for the period.
"Our solid first quarter results are a testament to the excellent performance of our restaurant team members combined with Red Robin's food and beverage innovation. Our initiatives are enabling us to continue taking market share including our Brand Transformation remodels which are generating even stronger guest satisfaction scores," said CEO Steve Carley.
TheStreet Ratings team rates RED ROBIN GOURMET BURGERS as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate RED ROBIN GOURMET BURGERS (RRGB) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."