Coverage

All Reports:

Cheesecake Factory (CAKE)
Mark Kalinowski

CAKE (Post-Call): Reiterates a 2024 Net Income Margin Target of About 4.25%

After today’s (Wednesday’s) market close, The Cheesecake Factory reported that its first-quarter adjusted EPS reached $0.73. This easily surpassed our $0.60 forecast and sell-side consensus (according to Consensus Metrix) of $0.63. The Q1 income-statement line item that was most better than our estimates was Other Operating Costs/Revenues, which at 26.2% actual was +60 basis points more favorable than our 26.8% estimate. Trends in utilities and supply-chain costs helped get to this line-item outperformance in Q1. Management notes that it does not build any continued leverage into this line item into its stated targets (see below for more info about those targets).

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Dine Brands Global (DIN)
Mark Kalinowski

DIN (Post-Call): A Difficult Start to 2024

Earlier today (Wednesday), Dine Brands reported adjusted Q1 EPS of $1.33. This was below our $1.52 forecast and sell-side consensus (according to Consensus Metrix) of $1.57. First-quarter adjusted EBITDA reached $60.8 million. This is lower than consensus of $62.9 million.

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