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August 5, 2014
11:49 EDTCAKE, EAT, BJRI, BLMN, DRIBloomin' Brands plunges to 52-week low after cutting full year profit outlook
Shares of casual restaurant operator Bloomin' Brands (BLMN) are sinking after the company reported mixed second quarter results and lowered its outlook for fiscal 2014 profit and same store sales. WHAT'S NEW: Bloomin' Brands this morning reported Q2 adjusted earnings per share of 27c and revenue of $1.1B, compared to analysts' consensus estimates of 29c and $1.09B, respectively. Same store sales for company-owned core domestic concepts increased 0.6% during the quarter, while traffic was flat, as increases from lunch expansion were offset by traffic declines in the dinner business. Elizabeth Smith, the company's Chief Executive Officer, commented that dinner traffic did not recover as the company had expected following the first quarter's winter weather events, adding that the company has responded by using marketing focused on dinner for the second half of the year. In addition, Smith said the company continues to face an increasingly competitive environment and "significant" macro issues in Korea. WHAT'S NOTABLE: Looking ahead, Bloomin' Brands lowered its FY14 adjusted EPS view to $1.05-$1.10 from its prior view of "at least" $1.21, well below consensus estimates for $1.22. The company also revised its FY14 revenue outlook to $4.4B-$4.45B from its previous view of "at least" $4.4B, compared to consensus $4.42B. It also lowered its FY14 SSS view to growth of 0%-1% from its prior view of 1%-2% growth. In addition, Bloomin' Brands now sees FY14 commodity inflation of 2.5%-3.5%, up from 2%-4% previously expected, and adjusted earnings before interest, taxes, depreciation and amortization of $459M-$470M, a decrease from prior guidance of $493M. The company still sees 55-60 new system-wide restaurants for the year. Bloomin' also said it plans to expand its Carrabba's brand to Brazil, with the first opening expected in the first half of 2015. Looking to the third quarter, the company noted that it expects certain restaurant operating expenses to be higher year over year due to the timing of marketing expenditures and costs associated with the Bonefish Grill menu rollout in early July. In addition, the company will incur additional general and administrative expenses related to its development of Carrabba's in Brazil in Q3. PRICE ACTION: In late morning trading, Bloomin' Brands plunged $4.30, or nearly 22%, to $15.50 on nearly five times its average daily trading volume. The stock continues to make fresh 52-week lows as the session unfolds. Including today's decline, the stock is down approximately 37% over the past 12 months. OTHERS TO WATCH: Other companies in the casual restaurant space include Brinker International (EAT), down 0.7%, Darden (DRI), up 0.5%, BJ's Restaurants (BJRI), up 0.7%, and The Cheesecake Factory (CAKE), down 0.1%.
News For BLMN;EAT;DRI;BJRI;CAKE From The Last 14 Days
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February 26, 2015
16:36 EDTBLMNBloomin' Brands files to sell 18.31M shares of common stock for holders
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February 24, 2015
17:38 EDTBJRIPW Partners Atlas Fund II reports 5.1% stake in BJ's Restaurants
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08:09 EDTBLMNJPMorgan says sell Texas Roadhouse, buy Bloomin' Brands
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February 23, 2015
11:51 EDTDRIOpco reiterates Darden as a top idea after CEO news
Oppenheimer reiterates Darden as a top idea after the company removed the temporary status of CEO Gene Lee. Opco views the development as an incremental positive and reiterates an Outperform rating on the name.
08:12 EDTDRIDarden board appoints Eugene Lee to CEO effective immediately
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February 20, 2015
08:35 EDTBLMNBloomin' Brands price target raised to $30 from $26 at BMO Capital
BMO Capital increased its price target on Bloomin' Brands after the company reported higher than expected Q4 EPS. The firm thinks the company's same-store sales growth has accelerated so far in Q1, while its comp sales will likely rise at least 2.5% this year. BMO Capital believes that the company can surpass EPS expectations this year, and it keeps an Outperform rating on the shares.
February 19, 2015
12:45 EDTBJRIOn The Fly: Midday Wrap
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09:12 EDTBJRIOn The Fly: Pre-market Movers
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08:40 EDTBJRIBJ's Restaurants price target raised to $60 from $55 at Stifel
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07:15 EDTBLMNBloomin' Brands sees FY15 adjusted EPS of at least $1.27, consensus $1.28
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07:14 EDTBLMNBloomin' Brands reports Q4 Outback comparable sales up 6.4%
Reports Q4 Carrabba's comparable sales up 0.3%; Reports Q4 Bonefish Grill comparable sales up 0.7%; Reports Q4 Fleming's Prime comparable sales pu 3.4%.
07:13 EDTBLMNBloomin' Brands reports Q4 comparable sales for domestic concepts up 4.2%
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07:12 EDTBLMNBloomin' Brands reports Q4 adjusted EPS 28c, consensus 27c
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February 18, 2015
18:55 EDTBJRIOn The Fly: After Hours Movers
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16:19 EDTBJRIBJ's Restaurants gaps up after earnings beat, levels to watch
In the extended session the stock was last at $51, just below the 52-week high at $51.30. Additional resistance levels above the 52-week high are at $51.68 and $53.39.
16:12 EDTBJRIBJ's Restaurants sees opening at least 15 new sites in FY15
The company plans to open at least 15 new restaurants in fiscal 2015 and has, to date, opened new restaurants in Nanuet, New York and Slidell, Louisiana, in Q1. With the exception of the Nanuet location, all of the restaurants opened in Q4 and Q1 are the company's new 7,400 square foot prototype. This new prototype has been well received by guests and costs approximately $4M on a gross basis, which is approximately $1M less than the prior prototype.
16:11 EDTBJRIBJ's Restaurants reports Q4 EPS 31c, consensus 21c
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15:35 EDTBLMNNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Wal-Mart (WMT), consensus $1.54... Priceline (PCLN), consensus $10.10... DIRECTV (DTV), consensus $1.40... Noble Energy (NBL), consensus 35c... Host Hotels & Resorts (HST), consensus 39c... Hormel Foods (HRL), consensus 64c... Discovery Communications (DISCA), consensus 41c... SCANA (SCG), consensus 73c... Quanta Services (PWR), consensus 51c... Patterson (PDCO), consensus 59c... Denbury Resources (DNR), consensus 23c... T-Mobile (TMUS), consensus 5c... Linn Energy (LINE), consensus 6c... Linn Co (LNCO), consensus 39c... Bloomin' Brands (BLMN), consensus 27c... Huntington Ingalls (HII), consensus $1.98.
11:36 EDTBLMNBloomin' Brands volatility increases into Q4 and outlook
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10:21 EDTBLMNHigh option volume stocks
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