Bloomin' Brands Q4 Profit Down, Adj. EPS Tops Estimates; Warns On FY24 Earnings

(RTTNews) - Bloomin' Brands, Inc. (BLMN), a casual dining restaurant chain, reported Friday that its fourth-quarter net income attributable to the company declined to $43.27 million from last year's $58.05 million.

Earnings per share were $0.45, down from last year's $0.61. Adjusted earnings per share were $0.75, compared to prior year's $0.68.

Analysts on average expected the company to report earnings of $0.69 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Total revenues grew 9.1 percent to $1.19 billion from last year's $1.10 billion. The Street was looking for revenues of $1.2 billion.

Combined U.S. comparable restaurant sales dropped 0.2 percent, while International sales from Outback Steakhouse - Brazil grew 0.6 percent.

Looking ahead for the first quarter, the company projects earnings per share of $0.56 to $0.62 and adjusted earnings per share of $0.70 to $0.75.

Analysts expect the company to report earnings of $0.93 per share.

U.S. comparable restaurant sales for the quarter are expected to be down 0.5 percent to down 2 percent.

For fiscal 2024, the company projects earnings per share of $2.27 to $2.46 and adjusted earnings per share of $2.51 to $2.66. Analysts expect the company to report earnings of $2.58 per share for the year.

In fiscal 2023, earnings per share were $2.56 and adjusted earnings per share were $2.93.

U.S. comparable restaurant sales for the year are expected to bef lat to up 2 percent.

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