INTERVIEW-UPDATE 1-Papa John's bullish on meeting outlook

* Will look into revising full-year earnings forecast

* Sees margins going higher for rest of the year

* Shares close down 0.4 percent

NEW YORK, June 16 (Reuters) - Papa John's International Inc (PZZA.O) will find a way to get to the lower end of its full-year guidance even if commodity costs get unfavorable, the pizza chain's chief executive said on Tuesday.

"We have enough cash and enough momentum and enough discipline on our cost side that if cheese does go to $2 and fuel does go to $4, we will find a way to make the $1.36," CEO John Schnatter told Reuters in an interview.

The company had previously forecast full-year earnings of $1.36 per share to $1.44 per share, excluding costs tied to its cheese buying entity and other items.

Analysts, on average, expect it to earn $1.47 per share, according to Reuters Estimates.

Pizza companies like Papa John's were pressured in the past by high commodity prices for ingredients such as cheese and wheat, which have eased recently.

"If commodities do stay low and and the market stays where it is at, we think we are in an extremely advantageous position," Schnatter said.

Asked if he sees the company's margins going higher for the rest of the year as the economy shows some "green shoots," Schnatter said: "Yes, absolutely. Furthermore, I think we have our downside covered six ways to Sunday," Schnatter added. "I think it's all upside from here."

"If things continue the way they are, and we announce Q2 earnings, we'll probably be looking at whether we should or should not raise estimates," he said.

Papa John's shares closed down 10 cents or 0.4 percent at $23.94.

(Reporting by Martin Howell and Aarthi Sivaraman; Editing by Phil Berlowitz)

((aarthi.sivaraman@thomsonreuters.com; +1 646 223 6191; Reuters Messaging: aarthi.sivaraman.reuters.com@reuters.net))

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