Bloomin’ Brands (NASDAQ:BLMN) earnings for first quarter of 2020 have BLMN stock soaring higher on Friday. This is the case even after reporting adjusted earnings per share (EPS) of 14 cents, which is below Wall Street’s estimate of 20 cents. However, the company’s revenue of $1.01 billion is above analysts’ estimates of $986 million.
Let’s take a more thorough look at the most recent Bloomin’ Brands earnings report below.
- Adjusted per-share earnings are down 81.3% compared to 75 cents during the first quarter of 2019.
- Revenue for the quarter comes in 10.6% lower than the $1.13 billion reported in the same period of the year prior.
- Operating loss of $41.57 million is a negative change year-over-year from an operating income of $82.49 million.
- The Bloomin’ Brands earnings report also has net loss coming in at $34.41 million.
- That’s much worse than its net income of $65.65 million from the same time last year.
David Deno, CEO of Bloomin’ Brands, said this in the Q1 earnings report:
“Since the beginning of the pandemic and closing of our dining rooms on March 20th, we have leveraged our strong off-premises business. As a result, we have tripled our average off-premises sales per restaurant since the beginning of March. We have begun reopening dining rooms as state and local governments allow. We have 355 restaurant dining rooms opened with limited seating capacity across multiple states as of Thursday evening. Early results have been promising.”
Bloomin’ Brands doesn’t provide an outlook for 2020 in the current earnings report. That makes sense with the novel coronavirus hampering the economy. Plenty of other companies also aren’t providing guidance updates during this time.
BLMN stock was up 12.7% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.