Why Chili's Parent Brinker's Shares Are Shooting Higher Today
Portfolio Pulse from Shivani Kumaresan
Brinker International Inc (NYSE:EAT), the parent company of Chili's, saw its shares increase after reporting a 3.4% year-on-year revenue growth to $1.120 billion for Q3 FY24, in line with estimates. Comparable restaurant sales rose, with Chili's at 3.5% and Maggiano's at 1.7%. Operating margin expanded to 6.2%, and operating income rose 8.8% to $69.9 million. Adjusted EBITDA and EPS also saw increases, with EPS beating consensus. Brinker raised its FY24 EPS and revenue outlook, leading to a 6.78% stock price increase.
April 30, 2024 | 2:29 pm
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Brinker International reported a positive Q3 FY24 with revenue growth, increased operating income, and raised FY24 EPS and revenue outlook, leading to a 6.78% stock price increase.
The positive financial performance and upward revision of FY24 forecasts indicate strong operational efficiency and growth prospects for Brinker International. The beat on adjusted EPS and the raised outlook likely contributed to investor optimism, driving the stock price up.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100