UPDATE: Bloomin' Brands Posts Downbeat Q2 Profit, Cuts Earnings Forecast

Loading...
Loading...
Shares of Bloomin' Brands
BLMN
dipped more than 23% after the company reported a drop in its second-quarter profit and cut its earnings forecast for the year. Bloomin' now projects full-year adjusted earnings of $1.05 to $1.10 per share, versus its earlier outlook of $1.21 per share. It projects revenue of $4.4 billion to $4.45 billion, versus its earlier forecast of at least $4.4 billion. The Tampa, Florida-based company posted a quarterly profit of $26.4 million, or $0.21 per share, versus a year-ago profit of $74.9 million, or $0.58 per share. Excluding certain items, its earnings rose to $0.27 per share from $0.25 per share. Its revenue climbed 9% to $1.11 billion. However, analysts were expecting earnings of $0.29 per share on revenue of $1.09 billion. Same-store sales for company-owned core domestic concepts rose 0.6%, while traffic was flat. Its operating expenses rose to $1.05 billion versus around $951 million. Bloomin' projects Q3 operating expenses to be higher versus the year-ago period. Elizabeth Smith, CEO said, "While 2014 is challenging, we remain confident in our long term growth prospects and our portfolio's unique opportunities.” Bloomin' shares tumbled 23.22% to $15.21 at 11:30 a.m. ET.
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceprofit
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...