Core Viewpoint - Bloomin' Brands reported quarterly earnings of $0.21 per share, exceeding the Zacks Consensus Estimate of $0.19 per share, but down from $0.44 per share a year ago [1][2] Financial Performance - The company posted revenues of $1.04 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.75% and down from $1.08 billion year-over-year [3] - The earnings surprise for the quarter was 10.53%, while the previous quarter saw a negative surprise of -10.53% [2] Stock Performance - Bloomin' Brands shares have declined approximately 40.4% since the beginning of the year, contrasting with the S&P 500's gain of 25.2% [4] - The current Zacks Rank for the stock is 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.67 on revenues of $1.12 billion, and for the current fiscal year, it is $2.07 on revenues of $4.48 billion [8] - The outlook for the industry, specifically the Retail - Restaurants sector, is currently in the top 30% of Zacks industries, suggesting potential for better performance compared to lower-ranked industries [9]

Financial Performance - Q3 2024 diluted EPS was $0.08, down from $0.45 in Q3 2023, while adjusted diluted EPS was $0.21 compared to $0.41 in the prior year, reflecting a decrease of 0.20[3]. - Total revenues for Q3 2024 were $1,038.8 million, a decline of 3.8% from $1,079.8 million in Q3 2023[4]. - GAAP operating income margin decreased to 5.4% in Q3 2024 from 9.1% in Q3 2023, while adjusted operating income margin fell to 5.3% from 7.6%[4][6]. - Net income attributable to Bloomin' Brands for the thirteen weeks ended September 29, 2024, was $6,912, a significant decrease from $44,528 in the same period last year, reflecting a decline of 84.5%[26]. - The company reported a total debt of $1,092,189 as of September 29, 2024, an increase from $780,719 at the end of December 31, 2023[29]. - The operating income margin for the U.S. segment was 4.4% for the thirteen weeks ended September 29, 2024, compared to 7.4% in the prior year[32]. - Income from operations for the thirteen weeks ended September 29, 2024, was $15,608,000, a decrease from $22,034,000 for the same period in 2023[33]. - The adjusted income from operations for the thirteen weeks ended September 29, 2024, was $30,948,000, compared to $56,960,000 in the prior year[36]. - The total income from operations adjustments for the thirty-nine weeks ended September 29, 2024, amounted to $43,918,000[36]. - The loss on extinguishment of debt for the thirty-nine weeks ended September 29, 2024, was $135,797,000[41]. Restaurant Operations - Comparable restaurant sales in the U.S. decreased by 1.5% in Q3 2024, with Outback Steakhouse down 1.3% and Carrabba's Italian Grill down 1.5%[9]. - Restaurant sales for the U.S. segment decreased to $877,052 for the thirteen weeks ended September 29, 2024, down from $901,138 in the prior year, representing a decline of 2.7%[28]. - Restaurant-level operating income for the thirteen weeks ended September 29, 2024, was $100,315, down from $114,869 in the same period last year, indicating a decrease of 12.7%[32]. - The restaurant-level operating margin for the thirteen weeks ended September 29, 2024, was 12.5%, down from 13.8% in the previous year[34]. - The total number of restaurants as of September 29, 2024, was 1,463, a net decrease of 11 locations from the previous quarter[42]. - The company-owned restaurant count in the U.S. was 1,173, with 10 closures during the quarter[42]. - Internationally, the company had a total of 345 restaurants, with a net decrease of 10 locations[42]. Strategic Initiatives - The company announced a strategic re-franchise of its Brazil operations, selling 67% for R$1.4 billion (approximately $243 million), reflecting a total enterprise value of R$2.06 billion[14]. - The company plans to continue expanding its restaurant footprint while managing operational costs effectively[39]. - The company is committed to improving performance through a consistent guest experience, particularly focusing on Outback Steakhouse[2]. Guidance and Projections - The updated fiscal 2024 guidance includes U.S. comparable restaurant sales expected to decline between 1.0% to 0.5% and adjusted diluted EPS projected between $1.72 to $1.82[12]. - The effective tax rate guidance for fiscal 2024 has been updated to approximately 6% to 7% for adjusted effective tax rate[12]. Shareholder Returns - Year-to-date, the company repurchased 10.1 million shares for a total of $265.7 million, with $96.8 million remaining under the share repurchase authorization[10]. - Cash and cash equivalents decreased to $83,632 as of September 29, 2024, from $111,519 at the end of December 31, 2023[29]. - The company experienced a net working capital deficit of $587,912 as of September 29, 2024, an improvement from a deficit of $659,021 at the end of December 31, 2023[29]. Sales Performance by Segment - Comparable restaurant sales for Outback Steakhouse in the U.S. decreased by 1.3% for the 13 weeks ended September 29, 2024, compared to a decrease of 1.1% for the same period last year[43]. - The average check per person for Outback Steakhouse in the U.S. increased by 2.6% for the 13 weeks ended September 29, 2024, compared to an increase of 5.0% for the same period last year[43]. - Traffic for Outback Steakhouse in the U.S. decreased by 3.9% for the 13 weeks ended September 29, 2024, compared to a decrease of 6.1% for the same period last year[43]. - Comparable restaurant sales for Carrabba's Italian Grill in the U.S. decreased by 1.5% for the 13 weeks ended September 29, 2024, compared to an increase of 3.0% for the same period last year[43]. - The average check per person for Bonefish Grill in the U.S. increased by 4.4% for the 13 weeks ended September 29, 2024, compared to an increase of 5.2% for the same period last year[43]. - Traffic for Bonefish Grill in the U.S. decreased by 8.5% for the 13 weeks ended September 29, 2024, compared to a decrease of 5.7% for the same period last year[43]. - Comparable restaurant sales for Outback Steakhouse in Brazil decreased by 3.6% for the 13 weeks ended September 29, 2024, compared to an increase of 4.1% for the same period last year[43]. - The combined U.S. comparable restaurant sales decreased by 1.5% for the 13 weeks ended September 29, 2024, compared to a decrease of 0.5% for the same period last year[43]. - The average check per person for Carrabba's Italian Grill in the U.S. increased by 1.9% for the 13 weeks ended September 29, 2024, compared to an increase of 3.1% for the same period last year[43]. - Traffic for the combined U.S. restaurants decreased by 4.4% for the 13 weeks ended September 29, 2024, compared to a decrease of 4.7% for the same period last year[43].

Core Insights - Bloomin' Brands, Inc. is set to release its third-quarter earnings results on November 8, with analysts expecting earnings of 20 cents per share, a decrease from 44 cents per share in the same period last year [1] - The company is projected to report revenue of $1.04 billion for the quarter, down from $1.08 billion a year earlier [1] - Michael L. Spanos was appointed as the new Chief Executive Officer on August 26 [1] Stock Performance - Bloomin' Brands shares declined by 1.2%, closing at $16.78 on Thursday [2] Analyst Ratings - B of A Securities analyst Justin Post maintained a Neutral rating and reduced the price target from $22 to $19 [3] - Barclays analyst Jeffrey Bernstein kept an Overweight rating but cut the price target from $22 to $20 [3] - Citigroup analyst Jon Tower maintained a Neutral rating and lowered the price target from $22 to $20 [3] - Deutsche Bank analyst Lauren Silberman held a Hold rating and decreased the price target from $26 to $19 [3] - UBS analyst Dennis Geiger maintained a Neutral rating and reduced the price target from $26 to $18 [3]

The upcoming report from Bloomin' Brands (BLMN) is expected to reveal quarterly earnings of $0.19 per share, indicating a decline of 56.8% compared to the year-ago period. Analysts forecast revenues of $1.05 billion, representing a decrease of 3.1% year over year.The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today: Bloomin' Brands, Inc. (BLMN) This is a restaurant holding company. The Zacks Consensus Estimate for its current year earnings has been revised 12.2% downward over the last 60 days. Chow Tai Fook Jewellery Group Limited (CJEWY) is an investment holding company. The Zacks Consensus Estimate for its current year earnings has been revised 8.6% downward over the last 60 days. Carter Bankshares, Inc. (CARE) is a bank holding company.The Za ...

Key Takeaways Bloomin' Brands named former Delta Air Lines COOMichael Spanos to its CEO position. Spanos left Delta after a year, leaving in the wake of the massive CrowdStrike outage. Spanos replaces David Deno, who announced his retirement from the Outback Steakhouse parent in May. Outback Steakhouse parent Bloomin' Brands (BLMN) named ex-Delta Air Lines (DAL) Chief Operating Officer Michael Spanos its new chief executive officer (CEO). Delta last week said that Spanos would be leaving the airline after a ...

Bloomin' Brands Inc. BLMN is the parent company of a diverse group of restaurants, including Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar. I'll comment on the relevance of that later, but right now, growth is slowing to a crawl, and inflation is taking a bite out of the company's earnings. That's the takeaway from the company's second-quarter earnings report released on August 6, 2024. The company delivered revenue of $1.12 billion, which was only a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-35625 BLOOMIN' BRANDS, INC. (Exact name of registrant as specified in its charter) Delaware 20-8023465 (State or oth ...

Bloomin' Brands (BLMN) reported $1.12 billion in revenue for the quarter ended June 2024, representing a year-over-year decline of 2.9%. EPS of $0.51 for the same period compares to $0.74 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $1.13 billion, representing a surprise of -0.78%. The company delivered an EPS surprise of -10.53%, with the consensus EPS estimate being $0.57. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

Financial Data and Key Metrics Changes - Adjusted Q2 2024 diluted earnings per share was $0.51, down from $0.70 in 2023 [16] - Total revenues in Q2 were $1.1 billion, a decrease of 3% from 2023, primarily due to a decline in comparable restaurant sales and the loss of the Brazil value-added tax exemption benefit [14] - U.S. comparable restaurant sales were negative 10 basis points, with traffic down 380 basis points [14] - Q2 adjusted operating margins were 5.7%, compared to 7.8% last year, impacted by labor costs and the loss of the Brazil tax benefit [18] Business Line Data and Key Metrics Changes - Off-premises sales accounted for approximately 24% of total U.S. sales, with third-party delivery now at 14%, up from 12% in Q2 2023 [15] - The catering business at Carrabbas increased approximately 180% over the last two years, indicating strong growth potential [12] Market Data and Key Metrics Changes - The casual dining industry experienced softer than anticipated performance in Q2, with Bloomin' Brands' comparable sales growth outpacing the industry by 20 basis points [4] - The company is seeing signs of inflation returning to normal, which may create opportunities for growth [4] Company Strategy and Development Direction - The company is focused on three primary areas: delivering great experiences, improving the menu for value, and enhancing digital marketing capabilities [6][10] - Plans include remodeling 60 to 65 restaurants and opening 40 to 45 new restaurants system-wide in 2024, with a strong pipeline in Brazil [11] - The company aims to maintain a strong balance sheet while investing in marketing and operations initiatives [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging near-term environment but expressed confidence in the company's ability to navigate these headwinds and take market share [5] - The updated full-year guidance reflects a softer industry environment, with comparable sales expected to be flat to down 100 basis points [22] - Management remains optimistic about the long-term success of the Outback brand and is committed to enhancing customer experiences [5][24] Other Important Information - The company is undergoing a CEO succession process, with a committee formed to oversee the transition [13] - Total debt net of cash was $884 million at the end of Q2, with a commitment to maintain leverage ratios at or below 3 times [19] Q&A Session Summary Question: Thoughts on the current industry environment and value focus - Management noted that the industry is softer than expected and is adjusting to provide more value while ensuring returns for shareholders [26] Question: Outlook on construction costs and beef prices - Construction costs are significantly up, but the company is managing its pipeline to ensure high returns [29] - Beef prices remain inflationary but are more manageable than initially expected [30] Question: Insights on consumer behavior - Consumers are being choosy with their spending, but once they choose to dine, there is no significant trade-down in their selections [31] Question: Marketing strategy for the second half of the year - The company aims to hold its share of voice in marketing and can adjust spending based on the quality of offerings and returns [48] Question: Performance of Fleming's and outlook for fine dining - Fleming's is taking market share in fine dining despite facing challenges, and management remains bullish on its performance [42] Question: Update on Brazil's operating environment - Brazil's economy is softer due to higher interest rates, but the brand remains strong and is opening new restaurants [46]