Restaurant company Bloomin’ Brands (NASDAQ: BLMN) will be announcing earnings results tomorrow morning. Here’s what to expect.
Bloomin' Brands missed analysts’ revenue expectations by 9.9% last quarter, reporting revenues of $972 million, down 18.6% year on year. It was a disappointing quarter for the company, with full-year EPS guidance missing analysts’ expectations.
Is Bloomin' Brands a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Bloomin' Brands’s revenue to decline 13.3% year on year to $1.04 billion, a further deceleration from the 4% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.57 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Bloomin' Brands has missed Wall Street’s revenue estimates six times over the last two years.
Looking at Bloomin' Brands’s peers in the sit-down dining segment, some have already reported their Q1 results, giving us a hint as to what we can expect. BJ's delivered year-on-year revenue growth of 3.2%, meeting analysts’ expectations, and Brinker International reported revenues up 27.2%, topping estimates by 2.6%. BJ's traded up 13.4% following the results while Brinker International was down 16.4%.
Read our full analysis of BJ’s results here and Brinker International’s results here.
There has been positive sentiment among investors in the sit-down dining segment, with share prices up 7.8% on average over the last month. Bloomin' Brands is up 27.6% during the same time and is heading into earnings with an average analyst price target of $9.73 (compared to the current share price of $8.22).
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