UPDATE: Del Frisco's Posts In-Line Q3 Profit

Del Frisco's Restaurant Group DFRG posted a profit in the third quarter. The Southlake, Texas-based company posted a quarterly profit of $1.8 million, or $0.08 per share, versus a year-ago loss of $0.4 million, or $0.02 per share. Its revenue rose 14.3% to $61.9 million versus $54.2 million. However, analysts were expecting a profit of $0.08 per share on revenue of $61.85 million. Revenue at Del Frisco's Grille jumped 61.5% to $15.1 million in the quarter. In the third quarter, same-restaurant sales climbed 6.5% at Double Eagle and fell 1.3% at Sullivan's Steakhouse. Same-restaurant sales gained 1.9% across all three concepts in the quarter. Restaurant-level EBITDA rose 7.6% to $11.8 million. The company's board authorized a $25 million share buyback Del Frisco's projects full-year earnings of $0.90 to $0.94 per share. The company lifted its gross expenditure forecast for the current year to $46 million to $48 million, versus its earlier forecast of $38 million to $40 million. Mark S. Mednansky, Chief Executive Officer of Del Frisco's Restaurant Group, Inc., said, "With a total of six openings set in 2014, we will have expanded our portfolio by 15% by year-end to 46 restaurants, positioning Del Frisco's Restaurant Group as one of the most exciting growth stories in our industry. Next year, we are committing to open at least six to eight restaurants, including one Del Frisco's Double Eagle and five to seven Del Frisco's Grille locations. Our 2015 development portfolio will reflect the full breadth of real estate being made available to us and demonstrates our ability to attract high quality sites, including our capacity to leverage balance sheet strength to purchase a prestigious restaurant property." Del Frisco's shares fell 1.30% to close at $19.68 yesterday.