UPDATE: Bloomin' Brands Q4 Profit Beats Estimates

Bloomin' Brands Inc BLMN reported better-than-expected earnings for the fourth quarter. The Tampa, Florida-based company reported quarterly net income of $22.4 million, or $0.17 per share, versus a year-ago profit of $59 million, or $0.46 per share. Excluding certain items, the company earned $0.28 per share, compared to $0.27 per share. Its revenue climbed 5.5% to $1.11 billion. However, analysts were expecting earnings of $0.27 per share on revenue of $1.1 billion. In the fourth quarter, same-store sales at domestic restaurants climbed 4.2%, while traffic increased 1%. Outback posted a 6.4% rise in same-store sales, while Fleming's Prime Steakhouse and Wine Bar reported a growth of 3.4%. Carrabba's Italian Grill posted a 0.3% rise in same-store sales, while Bonefish Grill same-store sales gained 0.7%. Elizabeth Smith, CEO said, "As we enter 2015, we remain confident in the long-term growth opportunities that our portfolio offers. We are focused on executing against our growth strategies with disciplined capital allocation to maximize value for our shareholders." For the full year, Bloomin' Brands projects earnings of $1.27 per share, on revenue of $4.49 billion. Bloomin' Brands shares fell 0.79% to $25.25 in pre-market trading.