BLMN - Bloomin' Brands notches narrow earnings bear raises sales forecasts

Bloomin' Brands ( NASDAQ: BLMN ) shares were boosted by a beat on Q3 earnings expectations and a more bullish sales forecast on Friday.

For the third quarter, the Outback Steakhouse parent reported a beat on top and bottom lines, exceeding EPS expectations by one cent while rising above revenue estimates by $10M. GAAP operating margin increased 3.5% from the prior year quarter as well.

“U.S. comparable sales improved throughout the quarter while our margins remain well above pre-pandemic levels” CEO David Deno said. “Importantly, we achieved this performance despite persistent inflationary pressures that were well ahead of menu price increases.”

For the full year, revenue is now expected to be in a range of $4.436B to $4.466B, raised from a prior view of $4.4B to $4.45B. Analyst consensus stood at $4.43B. Adjusted diluted EPS guidance in the range of $2.45 to $2.55, suggesting upside from the consensus of $2.45, was maintained.

Shares of the Tampa-based restaurant chain rose 2.53% in premarket hours.

Read more on the details of the results .

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