Outback parent beats on earnings, raises guidance

outback-parent-beats-on-earnings,-raises-guidance

Bloomin’ Brands Inc. BLMN, -0.05% stock soared 6.4% in Friday premarket trading after it reported a first-quarter earnings beat and raised its guidance. The restaurant company posted net income totaling $75.5 million, or 73 cents per share, up from $70.2 million, or 63 cents per share, last year. Adjusted EPS of 80 cents beat the FactSet consensus for 74 cents. Revenue totaled $1.141 billion, up from $987.5 billion and also ahead of the FactSet consensus for $1.129 billion. U.S. comparable sales were up 14%, with Outback Steakhouse increasing 9.2%, Carrabba’s Italian Grill up 11.5%, Bonefish Grill up 21.3%, and Fleming’s Prime Steakhouse & Wine Bar jumping 45.7%. For the second quarter, Bloomin’ is guiding for revenue of $1.10 billion to $1.13 billion, EPS of 55 cents to 59 cents, and adjusted EPS of 60 cents to 65 cents. The FactSet consensus is for revenue of $1.080 billion EPS of 60 cents. For the full year, Bloomin’s outlook is for revenue of $4.35 billion to $4.40 billion, up from $4.30 billion to $4.35 billion; EPS guidance is for $2.23 to $2.32, up from $2.13 to $2.22; and adjusted EPS guidance is for $2.45 to $2.55, up from $2.35 to $2.45. The FactSet consensus is for revenue of $4.343 billion and EPS of $2.39. Bloomin’ stock is up nearly 5% for the year to date.

Source: Marketwatch

Related Posts