Bloomin' Brands Q2 Adj. EPS Misses View; Revises 2014 Adj. EPS View

(RTTNews) - Restaurants operator Bloomin' Brands, Inc.'s (BLMN) second-quarter 2014 GAAP net income attributable to the company fell to $26.4 million, or $0.21 per share, from $74.9 million, or $0.58 per share, in the previous year.

Adjusted net income was $34.2 million this quarter, versus $31.8 million in the second quarter of 2013, with quarterly adjusted earnings per share amounting to $0.27. On average, 14 analysts polled by Thomson Reuters expected earnings of $0.29 per share. Analysts' estimates typically exclude special items.

Total revenues for the latest quarter increased 9.0% year-on-year to $1.11 billion from $1.02 billion.

Looking forward, the company has updated its 2014 total year outlook down from its original forecasts. Hence, adjusted earnings per share are now projected to be between $1.05 - $1.10, while domestic comp. sales are expected to be 0.0% to 1.0%. Analysts expect earnings of $1.22 per share for the year. Earlier, the company anticipated blended core domestic comparable restaurant sales growth of between 1.0 percent and 2 percent and adjusted earnings per share of at least $1.21.