Market Insider

Cracker Barrel shares up on earnings beat, special dividend

Source: Cracker Barrel

Shares of Cracker Barrel Old Country Store were higher after the company posted an earnings beat, increased its dividend and declared a special dividend.

The company reported earnings of $1.82 per share ex-items on revenues of $700 million. Wall Street had expected Cracker Barrel to post earnings of $1.80 per share on $706 million in revenue, according to a consensus estimate from Thomson Reuters.

The stock was up 8.4 percent at Wednesday's close.

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Cracker Barrel increased its quarterly dividend from $1.10 a share to $1.15 a share. It also announced a special dividend of $3.25 per share payable July 29.

For fiscal 2016, the company now sees adjusted earnings between $7.45 and $7.55 a share. It had previously forecast adjusted earnings between $7.40 and $7.50 per share.

Cracker Barrel shares are up more than 29 percent this year.