Bloomin' Brands Slips In Pre-market After Revising Annual Earnings Below View

(RTTNews) - Shares of Bloomin' Brands, Inc. (BLMN) were trading down over 4 percent in the pre-market on Friday after the company revised down its full-year forecast, below analysts' estimates to reflect a reduction in traffic assumptions across its portfolio due to a softer casual dining environment.

For full year 2023, BLMN now expects adjusted income per share of $2.80 to $2.90 against previous guidance of $2.91 to $3.

On average, 13 analysts polled by Thomson Reuters forecast the company to earn $2.93 per share, for the year.

The firm now expects annual per share net earnings of $2.70 to $2.79, lesser than prior outlook for $2.80 to $2.89.

Excluding items, for the fourth-quarter of 2023, Bloomin' Brands projects income per share of $0.64 to $0.74, below analysts' estimate of $0.78.

For the fourth-quarter, the company forecast net income per share of $0.60 to $0.69.