Bloomin’ Brands (BLMN) Stock Dips Slightly Despite Q2 Earnings Beat

Bloomin’ Brands (NASDAQ:BLMN) posted positive earnings results for its latest quarter but the company’s revenue was below expectations, sending shares down slightly.

The Outback Steakhouse parent company reported for its second quarter of fiscal 2018, raking in adjusted earnings of 38 cents per share. Analysts were calling for the company to amass adjusted earnings of 9 cents per share.

Bloomin' Brands

However, Bloomin’ Brands missed expectations in its revenue for the period as the company brought in $1.03 billion in sales, below the Wall Street consensus estimate of $1.05 billion. The company added that its comparable restaurant sales were up by 4% at its U.S. Outback Steakhouse locations as traffic was up by roughly 0.6% compared to the year-ago quarter.

Combined U.S. comparable restaurant sales increased by 2.4% compared to the year-ago quarter, while comparable restaurant sales declined by 6.1% for Outback Steakhouse in Brazil. Bloomin’ Brands added that the company opened eight new restaurants during its second quarter, including seven in international markets.

The company said that it is reaffirming its full-year expectations as it sees its adjusted diluted earnings to be in the range of $1.38 to $1.45 per share. The fiscal year is slated to be benefited by stronger-than-expected U.S. comparable restaurant sales to go along with a lower-than-expected tax rate, although its Brazil business is expected to hurt due to political headwinds and foreign currency translation losses.

BLMN stock fell about 0.2% during regular trading hours Monday in anticipation of the company’s quarterly earnings results. Shares slid a fraction of a percentage after the bell.

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