UPDATE: Cracker Barrel Posts Upbeat Q2 Results, Lifts Outlook

Shares of

jumped more than 4% in pre-market trading after the company reported better-than-expected results for the fiscal second quarter and lifted its outlook for the year. The Lebanon, Tennessee-based company posted quarterly earnings of $47.2 million, or $1.96 per share, compared to $37 million, or $1.55 per share, in the year-ago period. Excluding certain items, the company's adjusted earnings rose to $1.93 per share from $1.56 per share. Its revenue gained 8.2% to $756 million. However, analysts were expecting earnings of $1.62 per share on revenue of $734 million. In the latest quarter, CBRL's comparable store restaurant sales gained 7.9%, while traffic climbed 4.7%. Sales at comparable retail stores surged 3.2% in the quarter. Cracker Barrel opened 1 store during the quarter. Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "We believe that our strong performance in the quarter results from several key factors, including mild winter weather compared to the prior year quarter, the positive impact of lower gasoline prices on consumer spending and travel, the success of our national advertising, and consistent execution of the Cracker Barrel experience by our operations teams. We are pleased with the strength of these results and our ability to once again outperform the industry as measured by the Knapp-Track Casual Dining Index." For the year, Cracker Barrel now projects earnings of $6.40 to $6.50 per share on revenue of $2.8 billion to $2.85 billion. The company had earlier expected earnings of $5.95 to $6.10 per share on revenue of around $2.8 billion. For the third quarter, the company projects earnings of $1.30 to $1.40 per share, versus analysts' estimates of $1.33 per share. Cracker Barrel shares surged 4.29% to $140.00 in pre-market trading.