Outback parent Bloomin' Brands beats earnings expectations, reinstates dividend and authorizes $125 million share buyback program

32935 outback parent bloomin brands beats earnings expectations reinstates dividend and authorizes 125 million share buyback program

Bloomin’ Brands Inc. BLMN, +7.56% stock jumped nearly 6% in Friday premarket trading after the Outback parent reported fourth-quarter profit and sales that beat expectations and reinstated its dividend. Net income totaled $60.7 million, or 59 cents per share, after a loss of $14.2 million, or 16 cents per share, last year. Adjusted EPS of 60 cents beat the FactSet consensus of 52 cents. Revenue of $1.047 billion was up from $812.5 million last year and also ahead of the FactSet consensus for $1.035 billion. U.S. same-store sales rose 27.9%, with Outback up 20.7%, Carrabba’s Italian Grill up 24.4%, Bonefish Grill up 39% and Fleming’s Prime Steakhouse & Wine Bar up 71.1%. Bloomin’ said it didn’t repeat the 2019 promotional activity at Outback because of the “evolving consumer environment.” The FactSet consensus was for domestic same-store sales growth of 26.6%. Bloomin’ has reinstated its quarterly dividend, starting with 14 cents per share to be paid on March 16 to shareholders of record as of March 2. And the company has approved a new $125 million share repurchase program that will expire on Aug. 9, 2023. For 2022, Bloomin’ is guiding for revenue of $4.30 billion to $4.35 billion, EPS of $2.13 to $2.22 and adjusted EPS of $2.35 to $2.45. The FactSet consensus is for revenue of $4.36 billion and EPS of $2.32. Bloomin’ shares have slumped almost 7% over the past year while the S&P 500 index SPX, -0.72% has gained 11.9%.

Source: Marketwatch

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