Panera Bread Q2 Profit Misses Estimate; Cuts FY13 Earnings Outlook

(RTTNews) - Panera Bread Co. (PNRA) reported net income for the second quarter of $51 million or $1.74 per share, compared to $44 million or $1.50 per share for the year-ago quarter.

Total revenue for the second quarter rose 11% to $589.01 million from $530.59 million a year ago.

Analysts poled by Thomson Reuters expected the company to earn $1.77 per share on revenue of $596.02 million for the second quarter.

Looking forward, the company forecast earnings of $1.32 to $1.36 per share for the third quarter and $2.05 to $2.11 per share for the fourth quarter.

For the full year 2013, the company now forecasts earnings of $6.75 to $6.85 per share. previously, the company projected year-over-year earnings per share growth in a range of 17% to 19%, implying earnings in the range of $6.89 to $7.01 per share, based on earnings of $5.89 reported for fiscal 2012.

Analysts currently expect the company to earn $1.46 per share for the third quarter and $7.05 per share for the full year 2013.