Bloomin' Brands, Inc. (NASDAQ: BLMN), which includes Outback Steakhouse and Carraba's Italian Grill, announced its financial results for the fourth quarter of 2017. With both earnings and revenue beating estimates, shares of the company jumps 9% in Thursday trading after the announcement.
According to the company, revenue for the quarter increased from $1.00 billion for the same period last year to $1.09 billion, beating analysts’ estimates of $1.05 billion.
Net income for the fourth quarter was $16.4 million, or $0.17 per share, compared with a loss of $4.3 million, or $0.04 per share, for the same period last year. Adjusted earnings per share was $0.41 per share for the quarter, beating estimates of $0.39 per share.
“By all measures the fourth quarter was an excellent finish to 2017 for Bloomin' Brands,” Liz Smith, the CEO of Bloomin' Brands, said in the statement on Thursday. “Outback's Q4 sales and traffic performance were well ahead of the industry, and reflect the ongoing impact of our investments in the customer experience. We are pleased with how our brands are performing so far in early 2018, particularly at Outback where momentum continues.”
In the statement, the company provided guidance for 2018. Adjusted diluted earnings per share growth is expected to be around 11% to 16%.