Bloomin Brands Inc BLMN is trading higher Friday after the company reported better-than-expected fourth-quarter financial results and announced a buyback.
Bloomin Brands said quarterly revenue increased 28.9% year-over-year to $1.05 billion, which beat the $1.04 billion estimate. The company reported adjusted earnings of 60 cents per share, which beat the estimate of 52 cents per share.
Bloomin Brands reinstated its quarterly dividend at 14 cents per share and announced a 125 million share repurchase program.
"Over the past year we executed against our strategy resulting in sustained gains in off-premises, higher digital engagement, and improved operational efficiencies in the restaurants. As we move into 2022 we are well positioned to deliver on our long-term goals of growing sales and maximizing total shareholder return," said David Deno, CEO of Bloomin Brands.
Bloomin Brands expects first-quarter revenue to be between $1.1 billion to $1.135 billion versus the estimate of $1.12 billion. The company expects adjusted earnings to be in the range of 70 cents to 75 cents per share versus the 72 cent estimate.
Bloomin Brands operates as a casual dining restaurant company, including Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse and Wine Bar.
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BLMN Price Action: Bloomin Brands has traded as low as $17.29 and as high as $32.81 over a 52-week period.
The stock was up 10.8% at $24.93 at time of publication.
Photo: courtesy of Bloomin Brands.
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