Landry's had a roaring fourth quarter
Tilman Fertitta should be happy with fourth quarter results for Landry's Restaurants:
Casual dining and seafood restaurant chain Landry's Restaurants Inc. said Tuesday that fourth-quarter profits rose to $12.3 million, or 47 cents per share, compared with $1.5 million, or 5 cents per share, in the year-ago period.
Wall Street expected the Houston company to earn a mean estimate of 22 cents per share, according to six analysts surveyed by Thomson First Call. Landry's (NYSE: LNY) added that its quarterly earnings got a boost from record revenues and higher restaurant-level margins. The results also included an income tax gain of $18.5 million.
Quarterly sales rang up at $259.8 million, up from $254.1 million in the same quarter of 2003.
For full-year 2004, the company turned a profit of $66.5 million, or $2.39 per share, on sales of $1.2 billion, up from a 2003 profit of $44.9 million, or $1.59 per share, on sales of $1.1 billion.