Bloomin' Brands Q3 Earnings Top Street View

Bloomin' Brands Inc BLMN reported third-quarter FY22 sales growth of 4.4% year-on-year to $1.06 billion, marginally beating the consensus of $1.05 billion.
Combined U.S. comparable restaurant sales grew 1.4% during the quarter, with a 2.3% rise in Outback Steakhouse and a 0.7% climb in Carrabba's Italian Grill.
Restaurant sales grew 4.4% Y/Y to $1 billion, while Franchise and other revenues rose 12% to $15.4 million.
U.S. segment revenue climbed 1.1% Y/Y to $922.5 million, and the International segment increased 36.3% Y/Y to $133.2 million.
Total cost and expenses for the quarter increased 0.6% Y/Y to $1 billion.
Restaurant-level operating margin expanded by 280 basis points to 13.1%.
The operating margin was 4.9%, and the operating income was $51.3 million.
The company held $90.7 million in cash and equivalents as of September 25, 2022. The company had a net debt of $821.7 million.
Adjusted EPS of $0.35 beat the analyst consensus of $0.34.
Dividend: The company's quarterly cash dividend of $0.14 per share will be paid on November 23, 2022, to all stockholders of record on November 9, 2022.
Outlook: Bloomin' Brands tightened its FY22 sales outlook to $4.436 billion - $4.466 billion from $4.40 billion - $4.45 billion, versus the consensus of $4.42 billion. It reiterated FY22 adjusted EPS guidance of $2.45 - $2.55 versus the estimate of $2.45.
Bloomin' sees Q4 sales of $1.115 billion - $1.145 billion versus the consensus of $1.11 billion.
It expects Q3 adjusted EPS of $0.63 - $0.73, against the consensus of $0.63.
Price Action: BLMN shares are trading higher by 4.43% at $23.55 on the last check Friday.

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