Bloomin' 3Q and forecast exceed expectations

Bloomin' Brands says higher prices, increased traffic boost 3Q results; issues strong forecast

Associated Press

TAMPA, Fla. (AP) -- Bloomin' Brands reported a loss for its third quarter as it was weighed down by costs tied to its initial public offering and early repayment of debt.

Its adjusted results and full-year forecast beat expectations though, and its shares jumped in after-hours trading Wednesday on the news.

The Tampa, Fla.-based restaurant operator went public in August. Its restaurant chains include Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse and Wine Bar.

Bloomin' Brands posted a loss of $33.8 million, or 31 cents per share, for the period that ended Sept. 30. That is compared with net income of $1.4 million, or 1 cent per share, in the third quarter of last year. After adjusting for a number of special items, the company earned 8 cents per share versus 2 cents per share last year.

Its total revenue increased nearly 3 percent to $952.9 million on higher prices and more customers in its restaurants.

Analysts polled by FactSet expected the company to post a loss of 1 cent per share on revenue of $948.1 million, on average.

Bloomin' said that quarterly revenue at its domestic company-owned restaurants open at least 18 months increased 3.6 percent with gains at all its brands. It owns or franchises 1,456 restaurants around the globe.

The company said it expects to earn at least 95 cents per share for 2012 on an adjusted basis; analysts were expecting 92 cents per share. Bloomin' didn't issue profit guidance for 2013 but said it expects revenue of $4.2 billion, in line with analyst estimates.

Shares of Bloomin' Brands Inc. fell more than 2 percent to close regular trading at $13.73. Its shares soared $1.03, or nearly 8 percent, to $14.76 after hours on the news. The company went public at $11 per share.

Rates

View Comments (0)