Bloomin’ Brands Inc. stock BLMN soared 5.8% in premarket trade Thursday, after the parent of Outback Steakhouse beat profit estimates for the fourth quarter and offered guidance for 2023 that was well above consensus. The company, which also operates Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar, posted net income of $58.0 million, or 61 cents a share, for the quarter, compared with $60.7 million, or 59 cents a share, in the year-earlier period. Adjusted per-share earnings came to 68 cents, ahead of the 63 cent FactSet consensus. Revenue rose 4.6% to $1.095 billion from $1.047 billion a year ago, just below the $1.120 billion FactSet consensus. Chief Executive David Deno said 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,” he 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%.
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