- Bloomin’ Brands Inc (NASDAQ:BLMN) reported fourth-quarter FY22 sales growth of 4.6% year-on-year to $1.09 billion, missing the consensus of $1.12 billion.
- Combined U.S. comparable restaurant sales grew 1.4% during the quarter, with a 0.9% rise in Outback Steakhouse and a 2.8% climb in Carrabba’s Italian Grill.
- Restaurant sales grew 4.9% Y/Y to $1.079 billion, while Franchise and other revenues declined 12.5% to $15.2 million.
- U.S. segment revenue climbed 1.6% Y/Y to $954.3 million, and the International segment increased 30.5% Y/Y to $140.7 million.
- Total cost and expenses for the quarter increased 4.4% Y/Y to $1 billion.
- Restaurant-level operating margin contracted by 20 basis points to 16.3%.
- Operating margin was 7.7%, and the operating income was $84.1 million.
- The company held $84.7 million in cash and equivalents as of Dec. 25, 2022. The company had a net debt of $833.3 million.
- Adjusted EPS of $0.68 beat the analyst consensus of $0.64.
- Dividend: On Feb. 7, 2023, the company’s board raised the quarterly cash dividend by 71% to $0.24 per share, payable on Mar. 15, 2023, to stockholders of record on Mar. 1, 2023. The company’s prior quarterly dividend was $0.14 per share.
- On Feb. 7, 2023, the company’s Board of Directors approved a new $125 million authorization that will expire on Aug. 7, 2024.
- Outlook: Bloomin’ Brands sees FY23 adjusted EPS of $2.91-$3.00 and adjusted EPS of $2.52-$2.61 on a comparable basis.
- For Q1, the company expects adjusted EPS of $0.85 – $0.90 against the Street view of $0.87.
- Price Action: BLMN shares are trading higher by 11.65% at $27.79 on the last check Thursday.
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Raymond James Maintains Strong Buy on Williams Companies, Lowers Price Target to $40
Raymond James analyst Justin Jenkins maintains Williams Companies (NYSE:WMB) with a Strong Buy and lowers the price target from $42 to $40.
