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.