UPDATE 2-Texas Roadhouse Q1 profit beats Street

* Q1 EPS $0.20/shr vs est $0.17/shr

* Q1 rev rises 17 pct to $246.1 mln * Expects 2009 earnings to be flat or rise 5 pct * Shares up 4 pct in after-market trade

(Adds details, analyst's comments, share movement)

By Mihir Dalal

BANGALORE, May 4 (Reuters) - Bar-and-grill restaurant Texas Roadhouse Inc (TXRH.O) posted a quarterly profit that beat market estimates, helped by higher restaurant sales, and said 2009 earnings will be flat or rise by 5 percent.

However, the company added that its outlook was based in part on an expected decline of 2 to 3 percent in food costs during the year and capital expenditures of $50 million to $60 million.

"Their guidance was conservative and cautious..I continue to forecast that nominal same-store sales will get better as we move into the second-half of 2009 on easier comparisons," Raymond James analyst Bryan Elliott said by phone.

Elliott, who has a neutral rating on the stock, said that he expects food costs to be lower this year.

For the first-quarter ended March 31, the Louisville, Kentucky-based restaurant chain owner posted net income of $14.3 million, or 20 cents a share, compared with $12.9 million, or 17 cents a share, a year earlier.

Revenue came in at $246.1 million. Restaurant sales rose 17 percent from the year-ago quarter.

Analysts on average were expecting earnings of 17 cents a share on revenue of $$244.9 million, according to Reuters Estimates.

However, the company, which competes with larger rivals DineEquity Inc (DIN.N) and Darden Restaurants (DRI.N), said comparable restaurant sales in the first four weeks of the second quarter fell 3.1 percent from the year-ago period.

It expects

Shares of the company were trading up 4 percent in after-market trade. They earlier closed at $11.17 Monday on Nasdaq. (Editing by Jarshad Kakkrakandy)