Outback Owner Bloomin' Brands Cooks Up Bigger Margins, Stronger Sales And A Higher Forecast

Bloomin’ Brands Inc. (NASDAQ: BLMN ) stock surged Wednesday after the restaurant operator reported second-quarter results that exceeded Wall Street expectations and raised its full-year earnings outlook. The company owns and operates four restaurant chains: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Adjusted diluted earnings were 39 cents per share, beating the 29-cent analyst estimate. Revenue rose 1.3% to $1.016 billion from $1.002 billion and topped the $1.001 billion estimate. GAAP diluted EPS from continuing operations increased to 37 cents from 29 cents a year earlier, while adjusted EPS rose from 32 cents. Margins Improve GAAP operating margin expanded to 3.8% from 3.0%, while adjusted operating margin increased to 4.0% from 3.5%. Restaurant-level operating margin rose to 12.4% from 12.0%, helped by...