NEW YORK (TheStreet) -- Shares of Cracker Barrel Old Country Store Inc.  (CBRL) were gaining, higher by 2.83% to $143.75 in pre-market trading Tuesday after the restaurant chain released its fiscal third-quarter earnings results earlier this morning.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "The market loves a $3 special dividend and higher than expected earnings per share."

"Simple story, it's been a right one ever since gasoline collapse," Cramer added.

The company earned $1.49 per share on revenue of $683.7 million.

Wall Street expected the restaurant operator to post a profit of $1.37 per share on revenue of $680.05 million for the quarter, according to analysts polled by Thomson Reuters.

In the prior year quarter, the company posted earnings of $1.23 per share on revenue of $643.30 million.

Comparable-store restaurant sales grew by 5.2% and comparable-store retail sales increased 4.5%.

Additionally, the company said it will pay a special dividend of $3 a share, and its new quarterly dividend of $1.10 a share on Aug. 5 to shareholders of record on July 17.

Looking ahead, Cracker Barrel expects full-year earnings in the range of between $6.60 to $6.70 per share, with revenue in the range of between $2.8 billion to $2.85 billion.

For the fourth quarter, the company expects earnings of $1.75 to $1.85 per share. Analysts currently expect fourth quarter earnings of $1.78 per share.

Lebanon, Tenn.-based Cracker Barrel Old Country Store is a restaurant chain engaged in the operation and development of the Cracker Barrel Old Country Store concept.

The restaurants serve breakfast items include juices, eggs, pancakes, fruit and yogurt parfaits, pork and turkey bacon, country ham, sausage, grits, and a variety of biscuit specialties, such as gravy and biscuits and country ham and biscuits.

It also serves lunch and dinner items include country ham, chicken and dumplings, chicken fried chicken, meatloaf, country fried steak, pork chops, fish, steak, roast beef, vegetable plates, a variety of salads, sandwiches, soups, fresh side items and specialty items such as pinto beans and turnip greens. 

Separately, TheStreet Ratings team rates CRACKER BARREL OLD CTRY STOR as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate CRACKER BARREL OLD CTRY STOR (CBRL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

You can view the full analysis from the report here: CBRL Ratings Report

CBRL ChartCBRL data by YCharts