Bloomin’ Brands Q2 profit beats Wall Street expectations

Bloomin’ Brands Inc.
BLMN,
-0.97%
on Tuesday delivered stronger-than-expected second-quarter profit of $68.28 million, or 70 cents a share, after it reported a year-ago loss of $63.64 million, or 72 cents a share. The operator of Outback Steakhouse, Carrabba’s Italian Grill and the Bonefish Grill said its adjusted profit for the second quarter totaled 74 cents a share, ahead of the Wall Street analyst forecast of 64 cents a share, according to estimates compiled by FactSet. Second-quarter revenue at the restaurant company rose to $1.153 billion from $1.125 billion and ahead of the analyst forecast for revenue of $1.148 billion. For the third quarter, Bloomin’ Brands now expects adjusted earnings of 41 cents to 46 cents a share, compared to the analyst forecast of 43 cents a share. Bloomin’ Brands stock is up 3.6% in 2023, compared to a 19.5% increase by the S&P 500
SPX,
-0.32%.