Bloomin' Brands Slashes FY24 Outlook - Update

(RTTNews) - While reporting financial results for the second quarter on Tuesday, Bloomin' Brands, Inc. (BLMN) slashed its adjusted earnings guidance for the full-year 2024. The company also provided outlook for the third quarter.

For the third quarter, the company expects earnings in a range of $0.15 to $0.23 per share and adjusted earnings in a range of $0.17 to $0.25 per share on U.S. comparable restaurant sales decline between 2 percent and flat.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.39 per share on revenues of $1.07 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects earnings in a range of $0.25 to $0.45 per share and adjusted earnings in a range of $2.10 to $2.30 per share on U.S. comparable restaurant sales decline between 1 percent and flat.

Previously, the company expected earnings in a range of $0.79 to $0.94 per share and adjusted earnings in a range of $2.51 to $2.66 per share on U.S. comparable restaurant sales growth between flat and 2 percent.

The Street is looking for earnings of $2.41 per share on revenues of $4.52 billion for the year.

On July 23, 2024, our Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on September 4, 2024 to stockholders of record at the close of business on August 20, 2024.

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