Brinker International stock price, EAT

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Brinker International latest news:


  • 01/30/2018 05:16:15

    Brinker International stock jumps on earnings beat

    Shares of Brinker International Inc. gained 4.5% in premarket trading after the restaurant operator reported fiscal second-quarter revenue below consensus estimates but also delivered earnings that exceeded analysts' expectations by a wide margin. The company, which owns Chili's and Maggiano's, said revenue for the quarter was $766.4 million, down 0.6% from a year ago and below analysts' expectations for $773.8 million. Net income fell to $25.4 million,or 54 cents a share, from $34.6 million, or 69 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 87 cents, beating the FactSet consensus of 72 cents. Comparable-store sales dropped 1.5% at company-owned Chili's locations and 1.7% at franchised ones, while comparable-store sales at Maggiano's grew 1.8% during the quarter. "Brinker saw performance improve across the business during the second quarter, especially related to our initiatives to change traffic trends at Chili's," CEO Wyman Roberts said in a release. Brinker noted that GAAP net income was hit by $3.9 million, or 8 cents a share, due to the new tax law and, accordingly, the "revaluation of the company's net deferred tax assets." Brinker shares are down 17% over the past 12 months, with the S&P 500 up 25% in that time. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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