According to Reuters, “Papa John’s International Inc’s (PZZA.O) adjusted first-quarter profit beat Wall Street expectations but the pizza chain narrowed the range of its 2010 profit view.”

“The company said it now sees earnings per share of $1.72 to $1.87 a share, compared with analyst estimates of $1.87 a share. It had earlier forecast earnings of $1.70 to $1.90 a share. ‘I do think they are very likely being conservative…but I don’t think the market will like it tomorrow on the open, probably,’ KeyBanc Capital Markets analyst Brad Ludington said, referring to the company’s revised outlook. The company said it expects aggressive pricing and the promotional environment in the pizza category to pressure restaurant margins. ‘It’s very likely that they’re concerned the discounting will continue throughout the year a little more than they had originally expected,’ analyst Ludington said.”