Bloomin’ Brands (NASDAQ:BLMN) Updates Q2 Earnings Guidance

Bloomin’ Brands (NASDAQ:BLMN) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.55-$0.60 for the period, compared to the consensus EPS estimate of $0.69. Bloomin’ Brands also updated its FY24 guidance to $2.51-$2.66 EPS.

Bloomin’ Brands Stock Down 0.3 %

Shares of NASDAQ:BLMN traded down $0.07 during trading on Wednesday, reaching $23.89. 1,849,574 shares of the company traded hands, compared to its average volume of 1,326,785. The firm has a fifty day simple moving average of $27.54 and a 200 day simple moving average of $26.19. Bloomin’ Brands has a 1-year low of $22.03 and a 1-year high of $30.13. The firm has a market cap of $2.08 billion, a P/E ratio of 9.48, a price-to-earnings-growth ratio of 9.85 and a beta of 2.02. The company has a quick ratio of 0.27, a current ratio of 0.34 and a debt-to-equity ratio of 1.89.

Bloomin’ Brands (NASDAQ:BLMN) last posted its earnings results on Tuesday, May 7th. The restaurant operator reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.05). Bloomin’ Brands had a net margin of 5.30% and a return on equity of 73.67%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter last year, the business earned $0.98 earnings per share. Bloomin’ Brands’s quarterly revenue was down 4.0% on a year-over-year basis. Analysts anticipate that Bloomin’ Brands will post 2.55 earnings per share for the current fiscal year.

Bloomin’ Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, May 20th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Friday, May 17th. Bloomin’ Brands’s dividend payout ratio is 37.94%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BLMN shares. BMO Capital Markets cut their price objective on Bloomin’ Brands from $29.00 to $27.00 and set a market perform rating for the company in a research report on Wednesday. Barclays dropped their target price on Bloomin’ Brands from $32.00 to $30.00 and set an overweight rating for the company in a research report on Wednesday. Citigroup boosted their price objective on Bloomin’ Brands from $25.00 to $29.00 and gave the stock a neutral rating in a report on Thursday, February 15th. UBS Group lowered their price target on shares of Bloomin’ Brands from $30.00 to $26.00 and set a neutral rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. lowered shares of Bloomin’ Brands from an overweight rating to a neutral rating and set a $26.00 target price for the company. in a report on Tuesday, January 23rd. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $27.50.

About Bloomin’ Brands

Bloomin' Brands, Inc, through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. The company operates through two segments, U.S. and International. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba's Italian Grill, a casual Italian restaurant; Bonefish Grill; and Fleming's Prime Steakhouse & Wine Bar, a contemporary steakhouse.