Bloomin' Brands Reports Stronger-than-Expected Q2 Profit

Bloomin’ Brands Inc. (BLMN) announced on Tuesday that it exceeded expectations with its second-quarter profit. The company reported a profit of $68.28 million, or 70 cents a share, which is a significant improvement from the year-ago loss of $63.64 million, or 72 cents a share.

Outpacing Analyst Forecasts

The operator of popular restaurant brands such as Outback Steakhouse, Carrabba’s Italian Grill, and the Bonefish Grill, revealed an adjusted profit of 74 cents a share for the second quarter. This exceeds the Wall Street analyst forecast of 64 cents a share, according to estimates compiled by FactSet.

Strong Revenue Growth

Bloomin’ Brands also experienced growth in second-quarter revenue, which rose to $1.153 billion from $1.125 billion. This surpasses the analyst forecast for revenue of $1.148 billion, further solidifying the company's successful performance.

Positive Outlook for Q3

Looking ahead, for the third quarter, Bloomin’ Brands anticipates adjusted earnings of 41 cents to 46 cents per share. Although slightly below the analyst forecast of 43 cents, this outlook demonstrates the company's confidence in maintaining its profitability.

Stock Performance

Bloomin’ Brands stock has seen a 3.6% increase in 2023, outperforming the S&P 500, which has risen by 19.5%.

Overall, Bloomin’ Brands' strong Q2 results indicate its ability to navigate challenges and deliver impressive financial performance.