Morton’s gains 13% on reaffirmed full-year outlook
Shares of Morton's Restaurant Group Inc. (NYSE:MRT) have edged up 13% today after the company reported its second-quarter revenues had grown and it reaffirmed its full-year earnings outlook. For the period ending June 29, net income was $1.7 million, or $0.11 per share, compared to $2.3 million, or $0.14 a share, for the same quarter a year ago. Revenues grew 3.6% to $88.7 million. Results were on par with Wall Street expectations.
“We fully believe that Morton's is well positioned for long-term growth, as the
U.S. economy rebounds. Morton's continues to work hard to aggressively manage elements that are within the company's control in light of challenging market conditions and this uncertain economic period,” said Thomas J. Baldwin, chairman and CEO, in a statement.
The company reaffirmed its full-year outlook of $0.57 to $0.62 per share on revenues of $378 million to $383 million.
At 3:33 p.m. ET, shares are at $6.60, up $0.75 from Wednesday’s close. The stock has ranged from $5.38 to $20.82 during the past year.
For detailed price information and recent news stories about Morton’s Restaurant Group Inc., click MRT.
