Carrols Restaurant Group, Inc. (TAST) Misses Q3 EPS by 26c, Offers Guidance

Carrols Restaurant Group, Inc. (NASDAQ: TAST) reported Q3 EPS of ($0.29), $0.26 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $169.5 million versus the consensus estimate of $177.13 million.

2012 Guidance

For 2012, the Company is providing the following updated guidance:

Annual comparable restaurant sales for legacy restaurants are now expected to increase 6% to 7%;

Commodity costs are expected to increase 3% to 4%;

General and administrative expenses are expected to be approximately $8.0 million to $9.0 million in the fourth quarter excluding any additional legal costs that may be incurred in conjunction with the EEOC litigation during the fourth quarter;
Annual effective income tax rate (before any discrete items and the valuation allowance recorded in the third quarter) is expected to be 41% to 43%; and

Capital expenditures are expected to be approximately $38 million to $42 million, including $24 million to $26 million for remodeling more than 80 restaurants.

For earnings history and earnings-related data on Carrols Restaurant Group, Inc. (TAST) click here.

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