Brinker International, Inc. (NYSE:EAT) shares are trading higher on Wednesday.

The company reported second-quarter revenues of $1.074 billion, marginally missing the consensus of $1.079 billion. Adjusted EPS of $0.99 beats the $0.95 estimate.

The company said effective marketing and pricing strategies primarily drove its second quarter of fiscal 2024. Guest traffic improved sequentially in the second quarter despite the headwind created by the company’s decision to de-emphasize virtual brands. 

Comparable restaurant sales increased 5.2%, with an increase in comparable restaurant sales of 5.0% for Chili’s and 6.7% for Maggiano’s. The increase in company sales resulted in the operating income margin increasing to 5.8% and the adjusted restaurant operating margin rising to 13.1% for the quarter under review.

Brinker exited the quarter with cash and cash equivalents worth $22.7 million.

FY24 Outlook: Brinker raised the FY24 adjusted EPS outlook to $3.45 – $3.70 from $3.35-$3.65 versus the $3.55 estimate. 

The company revised FY24 revenue guidance to $4.30 billion-$4.35 billion from $4.27 billion-$4.35 billion versus $4.34 billion estimate.

Price Action: EAT shares are trading higher by 8.88% to $44.31 on the last check Wednesday.