Bloomin’ Brands Stock Ticks Higher on Q3 Earnings Beat

Bloomin’ Brands stock got a boost on Monday following the release of its earnings report for the third quarter of 2018.

Bloomin' Brands Stock Ticks Higher on Q3 Earnings Beat

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Bloomin’ Brands’ (NASDAQ:BLMN) earnings report for the third quarter of the year includes earnings per share of 10 cents. This is a drop from the company’s earnings per share of 14 cents from the third quarter of 2017. However, it was still good news for BLMN stock by coming in above Wall Street’s earnings per share estimate of 9 cents for the period.

During the third quarter of 2018, Bloomin’ Brands reported net income of $4.07 million. This is down from the company’s net income of $5.58 million that was reported in the same period of the year prior.

Operating income reported by Bloomin’ Brands for the third quarter of the year came in at $12.54 million. The restaurant company reported operating income of $5.22 million in the third quarter of the previous year.

Bloomin’ Brands also reported revenue of $965.02 million for the third quarter of 2018. This is an increase over the company’s revenue of $955.59 million reported during the same time last year. Despite this, it just barely misses analysts’ revenue estimate of $965.10 million for the quarter, but that couldn’t keep Bloomin’ Brands stock down today.

Bloomin’ Brands most recent earnings report also sees it updating its outlook for the full year of 2018. Bloomin’ Brands says that it is now expecting earnings per share for the year to range from $1.41 to $1.47. This is better than the previous guidance range of $1.38 to $1.45. Wall Street is looking for earnings per share of $1.43 for the year.

BLMN stock was up 3% as of Monday afternoon, but is down 13% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/10/bloomin-brands-stock-up-on-earnings-beat/.

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