UPDATE: Brinker Q2 Profit Beats Estimates

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Brinker InternationalEAT
reported stronger-than-expected earnings for its fiscal second quarter. The Dallas, Texas-based company posted quarterly net earnings of $41.3 million, or $0.64 per share, compared to $39.7 million, or $0.58 per share, in the year-ago quarter. Excluding non-recurring items, the company's adjusted earnings climbed 20.3% to $0.71 per share. Its total revenue surged to $742.9 million from $705.7 million. However, analysts were expecting earnings of $0.69 per share on revenue of $737 million. Brinker's same-store sales climbed 3.7%, versus analysts' expectations for a 2.8% growth. Chili's company-owned comparable restaurant sales gained 4%, while Maggiano's comparable restaurant sales climbed 2.3%. During the quarter, Brinker repurchased around 1.1 million shares of its common stock for $59.5 million. Brinker paid a dividend of $0.28 per share in the second quarter. "Brinker delivered another solid quarter of double digit EPS growth," said Wyman Roberts, Chief Executive Officer and President. "We've seen our sales and traffic driving strategies take hold, which gives us a great deal of optimism about continuing our positive momentum." Brinker shares fell 0.85% to close at $61.63 yesterday.
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Posted In: EarningsNewsprofit
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