Texas Roadhouse, Inc. (NASDAQ: TXRH) reported Q3 EPS of $0.27, $0.02 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $385.22 million versus the consensus estimate of $375.7 million. Comparable restaurant sales increased 5.9% at company restaurants and 5.2% at franchise restaurants

014 Outlook

The Company reported that comparable restaurant sales at company restaurants for the first four weeks of its fourth quarter of fiscal 2014 increased approximately 7.0% compared to the prior year period.

Management reiterated the following expectations for 2014:

• Positive comparable restaurant sales growth;
• Approximately 25 company restaurant openings; and
• An income tax rate of approximately 30.0% to 31.0% which is higher than the 2013 income tax rate primarily as a result of the expiration of certain federal tax credits at the end of 2013.

Management updated the following expectations for 2014:

Approximately 3.0% food cost inflation for the full year; and
Total capital expenditures of approximately $110 million.

2015 Outlook

Management provided the following expectations for 2015:

• Positive comparable restaurant sales growth;
• 25 to 30 company restaurant openings;
• Low to mid-single digit food cost inflation;
• An income tax rate of approximately 29.0% to 31.0% depending on the reinstatement of certain federal tax credits and timing of such; and
• Total capital expenditures of $110 million to $120 million.

For earnings history and earnings-related data on Texas Roadhouse, Inc. (TXRH) click here.