Brinker Q3 Earnings Exceed Estimates On Favorable Mix And Menu Pricing

Lekha Gupta
1 min read
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In this article:

  • Brinker International Inc (NYSE: EAT) reported Q3 FY23 sales of $1.08 billion, up from $980 million a year ago, which exceeded the consensus of $1.07 billion.

  • Comparable restaurant sales rose 10.8% for Brinker, 9.6% for Chili's, and 21.6% for Maggiano's, led by improved menu pricing and a favorable item mix.

  • Operating margin expanded to 5.9% from 5.0% a year ago, and operating income for the quarter rose to $64.2 million from $49.4 million a year ago.

  • Restaurant operating margin for the quarter was 13.4% versus 13.1% last year.

  • Adjusted EBITDA of $113.0 million was higher than $97.7 million a year ago.

  • The company held $13.8 million in cash and cash equivalents as of March 29, 2023.

  • Net cash provided by operating activities totaled $200.8 million at the end of the third quarter.

  • Adjusted EPS of $1.23 exceeded the analyst consensus of $1.19.

  • "We are pleased to report quarterly operating performance for Brinker International that represents a nice step forward for our strategy, enabling us to make needed investments into the business, translating into an improved guest experience," said Kevin Hochman, CEO and President.

  • Price Action: EAT shares are trading lower by 3.87% at $38.71 on the last check Wednesday.

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This article Brinker Q3 Earnings Exceed Estimates On Favorable Mix And Menu Pricing originally appeared on Benzinga.com

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