Bloomin' Brands Q2 EPS Beats by 34%, Raises Full-Year Outlook; Shares Surge 32%
BLMN has more than doubled off its 52-week low of $5.19.
Summary
Bloomin' Brands delivered a strong Q2 beat with adjusted EPS of $0.39 versus the $0.29 consensus, driven by 2.3% U.S. comparable sales growth and margin expansion. Revenue rose 1.3% to $1.016B, also topping estimates. Management raised full-year adjusted EPS guidance to $0.90-$1.00 from $0.75-$0.90, well above the $0.87 consensus, and tightened comparable sales growth outlook to 1%-2%. The stock surged 32.5% on the news, reflecting the magnitude of the beat and raised forecast. This follows the earlier 8-K filing this morning and a Dow Jones report that initially highlighted the tightened comp guidance, but the full release adds the EPS beat, revenue beat, and specific guidance raise. The improved profitability and debt reduction to 2.0x net leverage further support the turnaround narrative.
At the time of this announcement, BLMN was trading at $12.51 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $5.19 to $12.63. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Benzinga.