(RTTNews) - Texas Roadhouse Inc. (TXRH: News ) Monday said its third quarter profit increased 24% over last year, due to higher revenue aided by lower pre-opening costs and a favorable commodity cost environment. Looking ahead, the company raised earnings per share growth outlook for fiscal 2009.

The company posted net income of $10.7 million for the third quarter, up 24% from $8.6 million in the prior year quarter. Earnings per share rose 27% to $0.15 from $0.12 in the previous year quarter. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share for the third quarter. Analysts' estimates typically exclude special items.

Third quarter total revenue increased 4% to $226.47 million from $217.74 million in the same quarter last year. Thirteen analysts had a consensus revenue estimate of $226.73 million for the third quarter.

Comparable restaurant sales decreased 4.6% at company-owned restaurants and decreased 3.6% at franchise restaurants.

For the nine-month period of 2009, the company reported net income of $38.8 million or $0.54 per share, compared to $32.0 million or $0.43 per share in the year-ago period.

Revenue for the period increased 11% to $714.96 million from $646.26 million in the prior year period.
For fiscal year 2009, the company now expects earnings per share growth to be about 20% over last year. The Street estimates earnings of $0.61 per share for the year 2009.

Earlier, the company estimated earnings per share to be up 5% to 10% for the year 2009.

For fiscal 2010, the company anticipates earnings per share growth likely to be flat to up 10% over 2009. Analysts cyrrently project earnings of $0.66 per share for 2010.

TXRH closed Monday's regular trading session at $9.39, down 8 cents. In after-hours, the share gained 53 cents or 5.64%.

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by RTT Staff Writer

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