Bloomin’ Brands Inc. (BLMN) stock soared 5.8% in premarket trade Thursday, following the release of its fourth quarter financials. The parent company of Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar reported net income of $58.0 million, or 61 cents a share, compared to $60.7 million, or 59 cents a share, in the same period the year prior. Adjusted per-share earnings came to 68 cents, exceeding the 63 cent FactSet consensus. Revenue rose 4.6% to $1.095 billion from $1.047 billion a year ago, slightly lower than the $1.120 billion FactSet consensus.
Chief Executive David Deno expressed that profits and margins were above pre-pandemic levels, despite significant inflation. “All U.S. brands finished the year with positive comparable restaurant sales and our Brazil business achieved record levels of profits and sales,” Deno said in a statement.
The company is now expecting 2023 adjusted EPS of $2.91 to $3.00, including a 25 cent benefit from a tax change in Brazil. The FactSet consensus is for EPS of $2.70. The stock is up 6.4% in the last 12 months, while the S&P 500 (SPX) has fallen 7%.
The impressive performance of Bloomin’ Brands Inc. in the fourth quarter of 2021 is a testament to the company’s resilience and ability to weather the storm of the ongoing pandemic. Despite the challenges posed by the global health crisis, the company was able to post strong financials and offer guidance for 2023 that exceeded market expectations.
The company’s success can be attributed to its wide range of restaurant offerings and its ability to adapt to changing customer needs. The company has been proactively investing in digital capabilities, customer experience and menu innovation to meet the demands of the modern customer. This has allowed the company to remain competitive in a highly saturated market.
In addition, the company has been able to capitalize on the increased demand for delivery and takeout services. The company has implemented a number of initiatives to optimize online ordering and delivery services, which has enabled the company to reach a wider customer base and drive sales.
The company has also been able to leverage its strong presence in Brazil to drive profits and sales. The company has benefited from the country’s growing economy and its ability to capitalize on the increasing demand for its restaurant offerings.
Overall, the performance of Bloomin’ Brands Inc. in the fourth quarter of 2021 is a testament to the company’s ability to successfully navigate the challenges of the pandemic. The company’s success can be attributed to its strong presence in the market, its ability to adapt to changing customer needs and its focus on digital capabilities and menu innovation. The company’s strong performance in Brazil has also been a major contributor to its success. Going forward, the company is well positioned to continue to capitalize on the growth opportunities in the market and deliver strong financial performance in the years to come.
