Shares of Chili’s restaurant parent Brinker International Inc. surged 2.2% in premarket trading Wednesday, after the restaurant operator reported fiscal third-quarter profit and revenue that missed expectations, as Winter Storm Uri weighed on results, but provided an upbeat outlook for the current quarter. Net income for the quarter to March 24 was $33.9 million, or 73 cents a share, after $30.8 million, or 81 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 78 cents, missing the FactSet consensus of 82 cents. Total revenue fell 3.7% to $828.4 million, below the FactSet consensus of $849.1 million, as same-store sales fell 3.3% to miss expectations of a 0.8% decline. Chili’s same-store sales were flat, below expectations of 1.6% growth. The company estimates Winter Storm Uri reduced sales by $10.5 million and adjusted EPS by 6 cents. For the fiscal fourth quarter, the company expects adjusted EPS of $1.55 to $1.70 and revenue of $950 million to $1.0 billion, above the FactSet consensus for EPS of $1.27 and revenue of $942 million. The stock has rallied 16.0% year to date through Tuesday, while the S&P 500 has advanced 11.5%.
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