P.F. Chang's EPS beat by a penny, lowers full year guidance
P.F. Chang’s China Bistro, Inc. (Nasdaq: PFCB) reported third-quarter earnings a penny above the consensus on Wall Street, while revenues clocked in a shade lower than estimates. The restaurant chain also lowered its guidance for the year.
For the three months ended Sept. 30, the company recorded earnings of $5.3 million for the third quarter, or $0.20 per share, a penny above the mean earnings estimate of 20 analysts surveyed by Thomson Financial of $0.19. For the third quarter of 2006, P.F. Chang’s earned $6.6 million, or $0.25 per share.
Revenues were $270.9 million, compared with $231 million for the third quarter of 2006. Seventeen analysts polled by Thomson were on average forecasting revenues of $271.05 million.
The company also lowered its guidance for 2007. P.F. Chang’s said it’s now forecasting earnings per share between $1.34 and $1.19 based on expectations of lower revenue growth due to anticipated declines in comparable store sales at the company’s Bistro and Pei Wei segments. P.F. Chang’s also attributed the lowered guidance to poorer than expected sales at 2007 new Pei Wei store openings and continued current year trends of rising restaurant operating costs at both its Bistro and Pei Wei segments. The consensus of 21 analysts surveyed by Thomson is for earnings of $1.25 for the full year.
For fiscal 2008, the company said it expects sales weeks for Bistro and Pei Wei to increase approximately 13% and 26%, respectively, through the development of 18 new Bistro restaurants and 25 new Pei Wei restaurants scheduled to open during 2008.
Shares of P.F. Chang’s (PFCB) slid 3.33%, or $0.94, to $28.14 at 11:40 a.m. ET. Shares of P.F. Chang’s have been trading in the range of $27.76 to $47.10 for the past 52 weeks.
