BLMN - Bloomin' Brands stock boosted by earnings beat

2023-04-28 07:17:46 ET

Bloomin’ Brands ( NASDAQ: BLMN ) shares rose sharply prior to the opening bell on Friday after topping Q1 expectations on top and bottom lines.

The parent of Outback Steakhouse notched $0.98 in earnings per share on $1.24B in revenue, above the consensus expectation of $0.89 in earnings per share on $1.22B in revenue. Management also highlighted a 30 basis point expansion in operating margin despite rising wages and general inflationary pressures.

“The first quarter was a strong start to the year, and I am pleased with the progress of all our brands,” CEO David Deno commented. “Our Q1 results reflected the work we are doing to elevate the customer experience and drive healthy top-line growth. These efforts have resulted in enhanced sales and profits, which set us up well to achieve our 2023 goals.”

For the second quarter, the restaurant operator offered a somewhat cautious guide. U.S. comparable restaurant sales are expected to range from 0.5% to 1.5%. Adjusted EPS of $0.62 to $0.67 forecast for the quarter also came up short of the analyst consensus of $0.72.

Shares of Bloomin’ Brands ( BLMN ) rose about 4% in premarket action on very light volume following the earnings announcement.

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