Tim Hortons Inc. (THI) reported fourth quarter net income of C$0.65 per share Thursday morning, down from C$2.19 per share last year. The consensus estimate was for EPS of C$0.62. The company expects to report full year 2012 EPS of C$2.65 to C$2.75, compared to the consensus estimate of C$2.72.
Tim Hortons gapped up Thursday and rose sharply during the first half hour of trade. The stock traded in a range for the remainder of the session and closed up by 1.86 at $52.54, with volume at a 4-month high. Tim Hortons broke out past resistance and set a new high for the year.
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