|Bid||12.22 x 1300|
|Ask||12.23 x 800|
|Day's Range||11.79 - 12.39|
|52 Week Range||4.54 - 24.29|
|Beta (5Y Monthly)||1.83|
|PE Ratio (TTM)||38.77|
|Earnings Date||Jul 29, 2020 - Aug 03, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb 27, 2020|
|1y Target Est||13.88|
As many states begin to ease their lockdowns, a number of restaurants have started serving dine-in customers. That has led to a boost in traffic, and it might not fade as quickly as naysayers think, argues Gordon Haskett.
The COVID-19 health crisis has been brutal for Bloomin' Brands (NASDAQ: BLMN). The parent company of restaurant chains Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse is trading 50% below its yearly highs. Bloomin' Brands might be a decent long-term buy at these low prices for investors with an appetite for risky turnarounds, but I wouldn't bet the farm on the Outback operator right now.
Moody's Investors Service ("Moody's") today downgraded Bloomin' Brands, Inc.'s ("Bloomin' Brands") Corporate Family Rating (CFR) to B1 from Ba3, $1.0 billion senior secured revolver to Ba3 from Ba2 and $500 million senior secured term loan to Ba3 from Ba2. Bloomin' Brands Probability of Default Rating (PDR) was confirmed at B1-PD. This concludes Moody's review for downgrade that was initiated on March 23, 2020.
The probability that U.S. restaurants will default has soared in recent weeks as a result of the devastating COVID-19 pandemic, according to S&P Global Market Intelligence.
Restaurant stocks have been whipsawed by poor earnings, Covid-19 warnings from health experts, and hopes about reopenings and vaccine progress. Analyst Brian Vaccaro notes that restaurants’ ability to raise capital in recent weeks has bolstered balance sheets, in many cases pushing off any concerns about liquidity to a year or more. “While risks obviously remain, for investors seeking tactical long ideas in an environment of improving weekly sales data as more states reopen (and capacity limits are raised),” there are still restaurant stocks worth buying, he writes.
S&P Global Ratings downgraded Bloomin' Brands Inc.'s rating by one notch to B-plus on Friday, and said it expects the casual restaurant operator's financial performance and credit profile to deteriorate during the coronavirus pandemic. The outlook is negative, meaning it could downgrade gain in the medium term. "We expect depressed sales volumes to result in an operating loss and negative free cash flow generation this year," the rating agency said in a statement. "As a result, we believe lower EBITDA levels, combined with higher debt balances from its recent convertible note issue and substantial draws under its revolving credit facility, will cause credit metrics to deteriorate sharply this year. " The restaurant industry has been hit hard by the pandemic, which has forced most to close and switch to delivery or pickup services only. Bloomin, which operates Outback Steakhouse, Carraba's Italian Grill and Bonefish Grill, has reopened about 355 dining rooms since then but with guidelines for social distancing still in place in many areas, attendance is expected to be muted. "We expect the restaurant operating environment will remain challenging, as weak consumer confidence, elevated unemployment, and lingering contagion fears limit a full recovery in sales levels. In addition, we expect margins will remain pressured reflecting incremental costs such as elevated off-premise fulfillment expenses and heightened health and safety requirements," said the statement. Bloomin's shares were up 7.5% Friday, but have fallen 54% in the year to date, while the S&P 500 has fallen 12%.
The U.S. Labor Department said the pandemic cost 20.5 million jobs in April, pushing the unemployment rate to a post–World War II high and deepening the economic crisis, while in New York, a child died of a rare condition linked to the virus.
Bloomin' Brands (BLMN) delivered earnings and revenue surprises of 0.00% and 0.16%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Shares of Bloomin Brands (NASDAQ:BLMN) rose 1.2% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share fell 81.33% year over year to $0.14, which missed the estimate of $0.20.Revenue of $1,008,000,000 less by 10.64% year over year, which beat the estimate of $986,000,000.Outlook Bloomin Brands hasn't issued any earnings guidance for the time being.Bloomin Brands hasn't issued any revenue guidance for the time being.Details Of The Call Date: May 08, 2020View more earnings on BLMNWebcast URL: https://edge.media-server.com/mmc/p/9nri2rzsRecent Stock Performance 52-week high: $24.29Company's 52-week low was at $4.54Price action over last quarter: down 58.35%Company Profile Bloomin Brands Inc operates as a casual dining restaurant company. Its brand includes Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse and Wine Bar. The company owns and operates its restaurants, and the remainder is franchised. It derives revenue mainly from the United States, but the company has a presence in Brazil and South Korea with company-owned Outbacks and Carrabbas. In addition, it also has exposure to several countries, predominantly in Asia, principally through franchising.See more from Benzinga * Orthofix Medical: Q1 Earnings Insights * Harsco: Q1 Earnings Insights * Recap: Mersana Therapeutics Q1 Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Bloomin' Brands Inc. stock rose 1.2% in Friday premarket trading after the restaurant company reported revenue that beat expectations and was upbeat about recently-reopened dining rooms. Net losses totaled $38.1 million, or 44 cents per share, after net income of $64.3 million, or 69 cents per share, last year. Adjusted EPS of 14 cents was well below the FactSet consensus for 33 cents. Revenue of $1.008 billion was down from $1.128 billion last year but just ahead of the FactSet outlook of $1.007 billion. Same-store sales fell 10.4%, with Outback Steakhouse down 9.5%, Carrabba's Italian Grill down 8.7% and Bonefish Grill down 13.9%. Bloomin' announced on Tuesday that hundreds of dining rooms across its chains would reopen. "We have 355 restaurant dining rooms opened with limited seating capacity across multiple states as of Thursday evening. Early results have been promising," said Chief Executive David Deno in a statement. "Once we have successfully navigated the ongoing crisis, we believe that we will be well positioned to build on our early 2020 success and emerge a stronger company." Bloomin' issued $200 million in convertible notes on Wednesday. Bloomin' Brands stock has lost nearly half its value over the past year while the S&P 500 index is almost breakeven for the period.
Bloomin’ Brands, Inc. (Nasdaq: BLMN) today announced a business update related to COVID-19 as well as first quarter 2020 financial results.
Bloomin’ Brands, Inc. (Nasdaq: BLMN) today announced the pricing on May 5, 2020 of its offering of $200 million aggregate principal amount of 5.00% convertible senior notes due 2025 (the "notes") in a private offering only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Bloomin’ Brands also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional $30 million aggregate principal amount of notes in the private placement. The issuance and sale of the notes is scheduled to settle on or about May 8, 2020, subject to customary closing conditions.
The number of deaths from COVID-19, the illness caused by the novel coronavirus, rose above 250,000 on Tuesday, amid news reports that internal projections used by White House officials were forecasting a jump in U.S. cases to come, even as President Donald Trump urges states to reopen.
Bloomin' Brands Inc. shares fell 9.8% in Tuesday trading after the company announced preliminary first-quarter losses totaling 44 cents per share and adjusted EPS of 14 cents, below the FactSet consensus for 33 cents. U.S. comparable-restaurant sales improved from a 69.1% decline for the week ending March 22 to a 48.0% decline for the week ending May 3. For the quarter ending March 29, U.S. comparable-restaurant sales were down 10.4%, with Outback Steakhouse down 9.5%, Carrabba's Italian Grill down 8.7% and Bonefish Grill down 13.9%. Bloomin' Brands has tripled its off-premise business after dining rooms shuttered due to the coronavirus pandemic, and the weekly cash burn rate improved to $6 million-to-$8 million from $8 million-to-$10 million. As of May 4, the company had $270 million cash on hand. Bloomin' Brands expects to have 336 restaurants open for business by the end of Tuesday with limited seating capacity across multiple states, Chief Executive David Deno said in a statement. For the week ending May 3, the company had 23 Outbacks open with comparable-restaurant sales falling 17% year-over-year. "We are encouraged by these results," Deno said. Separately, Bloomin' said it has proposed to offer $200 million aggregate principal amount of convertible senior notes due 2025. Bloomin' Brands will report first-quarter results on May 8. The stock has plunged 52.5% over the past year while the S&P 500 index is down 1.8% for the period.
Bloomin’ Brands, Inc. (Nasdaq: BLMN) today announced its intention to offer, subject to market and other conditions, $200 million aggregate principal amount of convertible senior notes due 2025 (the "notes") in a private offering only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Bloomin’ Brands also intends to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional $30 million aggregate principal amount of notes in the private placement.
Bloomin’ Brands, Inc. (Nasdaq:BLMN) today announced a business update related to COVID-19 as well as first quarter 2020 financial results.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Bloomin' Brands, Inc. New York, May 04, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Bloomin' Brands, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Bloomin' Brands (BLMN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Shares of Wendy's (NASDAQ: WEN), Shake Shack (NYSE: SHAK), and Bloomin' Brands (NASDAQ: BLMN) were climbing today along with the broad market as investors were encouraged by news of a drug trial that showed positive results in helping patents recover from COVID-19, and on better-than-expected earnings reports in the restaurant industry. As of 2:40 p.m. EDT, Wendy's stock was up 5.3%, while Shake Shack had gained 8.3%, and Outback Steakhouse-parent Bloomin' Brands jumped 17.8%. At the same time, the S&P 500 was 2.9% higher, showing the rally in the broad market.