Despite a lower fourth-quarter profit, Bloomin’ Brands Inc. (BLMN) managed to exceed analyst estimates with its adjusted earnings thanks to a strong holiday season. The company, known for brands like Outback Steakhouse, Carrabba’s Italian Grill, and Bonefish Grill, noted that the first few weeks of the first quarter were negatively affected by weather conditions.
Financial Highlights
- Profit Decline: Quarterly profit dropped to $43.27 million, or 45 cents a share, compared to $48.05 million, or 61 cents a share in the same period last year.
- Adjusted Earnings: Adjusted profit of 75 cents per share surpassed the FactSet consensus estimate of 69 cents a share.
- Revenue Increase: Fourth-quarter revenue rose to nearly $1.2 billion, matching analyst expectations.
Future Outlook
CEO David Deno expressed satisfaction with the year-end performance, particularly during the holiday season. Looking ahead, Bloomin’ Brands forecasts first-quarter adjusted profit of 70 to 75 cents per share, below the analyst estimate of 93 cents per share. For the full year of 2024, the company expects adjusted profit in the range of $2.51 to $2.66 per share, compared to the analyst estimate of $2.58 per share.
Overall, despite the challenges faced in the beginning of the year, Bloomin’ Brands remains optimistic about its future growth prospects.