Bloomin' Brands Q4 Profit Rises, Shares Surge - Update

(RTTNews) - Restaurant chain Bloomin' Brands Inc. (BLMN), Tuesday reported an increase in profit for the fourth quarter, as revenues grew on better same-store sales and new restaurants. Earnings for the quarter beat analysts' expectations by a penny, while revenues came in line with estimates. Shares of Bloomin' Brands surged 12 percent in current trade on the Nasdaq.

Bloomin' Brands profit for the quarter rose to $58.98 million or $0.46 per share from $18.40 million or $0.15 per share last year. Excluding items, earnings were $0.27 per share. On average, 13 analysts polled by Thomson Reuters expected a profit of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Bloomin' Brands, the owner of of restaurant chains Outback Steakhouse and Carrabba's Italian Grill, said fourth-quarter revenues grew 5.2 percent to $1.05 billion from $998.39 million last year.

Revenue growth was driven by improved comparable sales and new restaurants. Same-store sales for company-owned core domestic concepts increased 1.4 percent, driven by traffic increase of 0.3 percent and higher menu prices. Bloomin' Brands opened 15 new restaurants and renovated 36 other locations.

Adjusted restaurant-level operating margin as a percentage of restaurant sales improved to 15.9 percent from 15.4 percent last year, helped by higher productivity savings, lower health and general liability claims and higher average unit volumes.

Looking forward to the full year 2014, Bloomin' Brands expects earnings of $1.15 per share, adjusted earnings of $1.21 per share, and revenues of $4.40 billion. Analysts currently see a profit of $1.28 per share on revenues of $4.52 billion for the year.

BLMN is currently trading at $25.90, up $2.94 or 12.80%, on a volume of 1.3 million shares above the three-month average volume.