These Analysts Increase Their Forecasts On Bloomin' Brands After Upbeat Earnings

Bloomin’ Brands, Inc. BLMN reported upbeat earnings for its fourth quarter on Friday.

The company reported fourth-quarter adjusted earnings per share of 75 cents, beating the street view of 69 cents. Quarterly revenues of $1.194 billion marginally missed the analyst consensus of $1.198 billion, according to data from Benzinga Pro.

Adjusted operating margin decreased to 7.5% in the quarter under review from 8.2% in the year-ago period.

On Feb. 13, the company declared a quarterly cash dividend of $0.24 per share, payable on March 20, 2024, to stockholders of record at the close of business on March 6, 2024. The company approved a new $350.0 million authorization. The 2024 Share Repurchase Program will expire on August 13, 2025.

Bloomin’ Brands expects FY24 adjusted EPS of $2.51-$2.66 versus the $2.58 estimate. The company projects number of new system-wide restaurants of 40 to 45 in FY24. For the first quarter, the company expects adjusted EPS of $0.70-$0.75 versus the $0.93 estimate.

Bloomin’ Brands shares gained 2.9% to close at $27.37 on Friday.

These analysts made changes to their price targets on Bloomin’ Brands after the company reported quarterly results.

• Barclays raised the price target on Bloomin’ Brands from $31 to $32. Barclays analyst Jeffrey Bernstein maintained an Overweight rating.
• BMO Capital boosted the price target on Bloomin’ Brands from $27 to $29. BMO Capital analyst Andrew Strelzik maintained a Market Perform rating.

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