Brinker International Q1 Adj. EPS Tops Estimates; Boosts Adj. EPS Outlook

(RTTNews) - Casual dining restaurant owner Brinker International, Inc. (EAT) reported Wednesday net income for the first quarter of $7.2 million or $0.16 per share, compared to a net loss of $30.2 million or $0.69 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $0.28 per share, compared to adjusted net loss of $0.57 per share in the year-ago quarter.

Total revenues for the quarter grew to $1.01 billion from $955.5 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share on revenues of $1.01 billion for the quarter. Analysts' estimates typically exclude special items.

Comparable restaurant sales increased 5.8 percent over the last year.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $3.35 to $3.65 per share on total revenues between $4.27 billion and $4.35 billion.

Previously, the company expected adjusted earnings in the range of $3.15 to $3.55 per share on total revenues between $4.27 billion and $4.35 billion.

The Street is looking for earnings of $3.32 per share on revenues of $4.31 billion for the year.

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