Outback Steakhouse parent Bloomin’ Brands stock up 2.5% premarket after earnings beat

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Bloomin’ Brands Inc. stock BLMN, +4.04% rose 2.5% in premarket trade Friday, after the Outback Steakhouse parent posted better-than-expected earnings for the third quarter and raised its full-year revenue guidance. Tampa, Fla.-based Bloomin’, which also operates Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse and Wine Bar, posted net income of $31.986 million, or 34 cents a share for the quarter, up from $3.449 million, or 3 cents a share, in the year-earlier period. Adjusted for one-time items, the company had EPS of 35 cents, ahead of the 34 cent FactSet consensus. Revenue rose to $1.056 billion from $1.010 billion, squeaking ahead of the $1.051 billion FactSet consensus. U.S. Same-restaurant sales rose 1.4%, just below the 1.8% FactSet consensus. Chief Executive David Deno said margins remain well above pre-pandemic levels. “Importantly, we achieved this performance despite persistent inflationary pressures that were well ahead of menu price increases,” Deno said in a statement. “We remain focused on executing our strategy to elevate the customer experience and drive innovation while achieving sustainable sales and profits.” The company is now expecting full-year revenue of $4.436 billion to $4.466 billion, up from prior guidance of $4.40 billion to $4.45 billion, But it expects EPS to range from $1.05 to $1.15, down from prior guidance of $1.11 to $1.22, as higher revenue is offset by higher inflation. Shares have gained 7% in the year to date, outperforming the S&P 500 SPX, +2.46%, which has fallen 20%.

This article was originally published by Marketwatch.com. Read the original article here.

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