Brinker International Inc EAT shares are trading higher after company reported third-quarter FY24 total revenue growth of 3.4% year-on-year to $1.120 billion, which was in line with the analyst consensus estimate.
Comparable restaurant sales rose 3.3% for Brinker, 3.5% for Chili’s, and 1.7% for Maggiano’s.
Operating margin expanded 30 basis points to 6.2%, and operating income for the quarter rose 8.8% to $69.9 million.
Adjusted EBITDA of $122.4 million rose 8.3% Y/Y. Adjusted EPS of $1.24 beat the analyst consensus of $1.15.
The company held $15.5 million in cash and equivalents as of March 27. Net cash provided by operating activities for nine months totaled $280.4 million.
Outlook: Brinker raised its FY24 adjusted EPS outlook from $3.45-$3.70 to $3.80-$4.00 against the estimate of $3.69.
Brinker revised its FY24 revenue outlook from $4.30 billion-$4.35 billion to $4.33 billion-$4.35 billion against an estimate of $4.338 billion.
Price Action: EAT traded higher by 6.78% at $53.03 at the last check Tuesday.
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