Shares of Texas Roadhouse Inc. jumped Wednesday after the company reiterated its 2008 profit outlook at an investor conference.
Shares rose 49 cents, or 5.2 percent, to $9.76 in afternoon trading.
The rise follows a presentation by the company at the Wachovia Securities 18th Annual Nantucket Equity Conference on Tuesday.
In presentation slides posted on the company's Web site for the conference, Texas Roadhouse affirmed its outlook for the year, saying it expects earnings per share to grow between 5 percent and 25 percent. That implies profit between 54 cents and 59 cents per share. Analysts polled by Thomson Financial expect profit of 57 cents per share, on average.
The Louisville, Ky., company also said it has locked in prices for the rest of its beef needs for 2008, meaning price contracts now cover 100 percent of the company's beef purchases for the year. Beef represents 46 percent of the company's cost of sales.
Shares rose 2.8 percent Tuesday but are down 16 percent in the year to date.
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