The Cheesecake Factory Incorporated Q2 adjusted earnings Beat Estimates

The Cheesecake Factory Incorporated (CAKE) reported a profit for its second quarter that climbed from last year.

The company’s profit totaled $35.51 million, or $0.79 per share. This compares with $28.35 million, or $0.61 per share, in last year’s second quarter.

Excluding items, The Cheesecake Factory Incorporated reported adjusted earnings of $36.73 million or $0.82 per share for the period.

Analysts had expected the company to earn $0.81 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 2.6% to $602.64 million from $587.31 million last year.

The Cheesecake Factory Incorporated earnings at a glance:

-Earnings (Q2): $36.73 Mln. vs. $31.03 Mln. last year.
-EPS (Q2): $0.82 vs. $0.67 last year.
-Analysts Estimate: $0.81
-Revenue (Q2): $602.64 Mln vs. $587.31 Mln last year.

AvalonBay falls short of Wall Street views in Q2

Apartment landlord AvalonBay Communities Inc. AVB, -0.98% fell short of Wall Street targets for a profit metric used by real estate investment trusts.

AvalonBay said Wednesday that funds from operations attributable to common stockholders rose about 1% from the year earlier to $2.24 a share in the second quarter.

Analysts expected $2.30 a share on that profit metric, which excludes certain costs like depreciation, according to FactSet.

Net income fell by more than one-third from the year earlier to $168.3 million, or $1.84 a share.

The Arlington, Va.-based company said revenue from its established apartment developments rose 3.2% to $456.8 million. Operating expenses for them increase 4.2% to $131 million.

Write to Micah Maidenberg at [email protected]

US imposes sanctions on Iran's foreign minister

• The United States on Wednesday imposed sanctions on Iranian Foreign Minister Mohammad Javad Zarif, the U.S. Treasury Department's Office of Foreign Assets Control said on its website.
• The Treasury Department said it was imposing sanctions on Zarif for acting on behalf of Iranian Supreme Leader Ayatollah Ali Khamenei.
• Fears of a direct U.S.-Iranian conflict have risen since May with several attacks on oil tankers in the Gulf, Iran's downing of a U.S. surveillance drone, and a plan for U.S. air strikes on Iran last month that Trump called off at the last minute.

The United States on Wednesday imposed sanctions on Iranian Foreign Minister Mohammad Javad Zarif, the U.S. Treasury Department's Office of Foreign Assets Control said on its website.

The Treasury Department said it was imposing sanctions on Zarif for acting on behalf of Iranian Supreme Leader Ayatollah Ali Khamenei.

"Javad Zarif implements the reckless agenda of Iran's Supreme Leader, and is the regime's primary spokesperson around the world," Treasury Secretary Steven Mnuchin said in a statement.

Tensions have risen between the United States and Iran following U.S. President Donald Trump's withdrawal last year from a 2015 international nuclear accord with Tehran. Fears of a direct U.S.-Iranian conflict have risen since May with several attacks on oil tankers in the Gulf, Iran's downing of a U.S. surveillance drone, and a plan for U.S. air strikes on Iran last month that Trump called off at the last minute.

‘As usual, Powell let us down,’ Trump tweets after Fed fails to back stronger monetary easing

President Donald Trump was not mollified by the Federal Reserve’s first interest-rate cut in more than 10 years.

The president, who has been unstinting in his criticism for the central bank and its chairman Jerome Powell, said the Fed erred by not announcing “a lengthy and aggressive rate-cutting cycle.”

Earlier, the Fed had cut interest rates by a quarter percentage point. The central bank also ended its program to shrink its balance sheet two months early.

These are steps Trump had been urging the Fed to take since late last year.

But, during his press conference, Powell said he viewed the rate cut as a “mid-cycle adjustment” and not the start of a long series of easing steps.

Stocks dropped sharply after Powell’s comments and Trump made clear he was also disappointed.

“As usual, Powell let us down,” the president tweeted.

“What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle that would keep pace with China, the European Union and other countries around the world,” Trump said.

Valvoline Q2 sales, profit rises

Valvoline Inc. VVV, -0.49% said its profit rose slightly for its third quarter, ahead of Wall Street estimates.

The Lexington, Ky., automotive service and synthetic oil company reported a profit of $65 million, or 34 cents a share, compared with $64 million, or 33 cents a share, a year ago.

The company reported adjusted earnings of 37 cents a share. Analysts polled by FactSet were expecting earnings of 34 cents a share, or 32 cents a share on an adjusted basis.

Sales increased to $613 million from $577 million a year earlier. Analysts had expected $610 million of revenue in the quarter.

The company boosted its same-store sales guidance to between 9% and 10%, and narrowed its earnings outlook for the year to between $1.30 and $1.33 a share from $1.27 to $1.33.

Shares of the company rose 3.3% during after-market trading.

Write to Patrick Thomas at [email protected]