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NEW YORK - Bloomin’ Brands Inc. (NASDAQ:BLMN) reported first quarter earnings that beat analyst expectations, but shares tumbled 5% after the restaurant operator issued disappointing guidance for the current quarter.
The parent company of Outback Steakhouse and other casual dining chains posted adjusted earnings per share of $0.59, topping the consensus estimate of $0.57. Revenue rose to $1.05 billion, exceeding analyst projections of $1.03 billion.
However, Bloomin’ Brands forecast second quarter EPS of $0.22 to $0.27, well below Wall Street’s expectation of $0.37. The weak outlook overshadowed the first quarter beat, sending the stock lower in early trading.
CEO Mike Spanos said the company is making progress on simplifying operations and improving guest experiences, but acknowledged challenges from the current economic environment.
"We are navigating a choppy macro environment and are leaning in to our abundant everyday value offerings," Spanos stated. "This is reflected in our current guidance."
The company did not provide full-year guidance in its earnings release. Bloomin’ Brands operates restaurant brands including Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.
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