Brinker Intl Q2 Results Top Estimates; Lifts FY23 Outlook Above Market

(RTTNews) - Casual dining restaurant owner Brinker International, Inc. (EAT) reported Wednesday that its second-quarter net income edged up to $27.9 million from last year's $27.6 million.

Earnings per share were $0.62, up from $0.60 a year ago. Adjusted earnings per share were $0.76, compared to last year's $0.71.

On average, 16 analysts polled by Thomson Reuters expected earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues grew to $1.02 billion from last year's $925.8 million. Analysts expected revenues of $991.73 million for the quarter.

Company sales increased 10.2 percent to $1.01 billion, driven by a comparable restaurant sales increase of 9.7 percent. Chili's and Maggiano's comparable restaurant sales increased 8.0 percent and 21.2 percent, respectively.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $2.60 to $2.90 on revenues in the range of $4.05 billion to $4.15 billion.

The company previously expected adjusted earnings in a range of $2.45 to $2.85 per share on revenues between $3.9 billion and $4.0 billion.

The Street is looking for earnings of $2.56 per share on revenues of $4.04 billion for the year.

In pre-market activity on the NYSE, Brinker shares were gaining around 1.5 percent to trade at $40.04.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.