Bloomin' Brands Misses Q2 Earnings Estimates On Weak Comps, Cuts Outlook
Portfolio Pulse from Lekha Gupta
Bloomin' Brands, Inc. (NASDAQ: BLMN) reported Q2 earnings that missed analyst expectations, with adjusted EPS of $0.51 versus the expected $0.58. Quarterly sales were $1.12 billion, slightly below the $1.13 billion estimate, and down 2.9% year-over-year. The company also lowered its FY24 adjusted EPS outlook and expects a decline in U.S. comparable restaurant sales. Despite these challenges, the company declared a quarterly dividend and continued its share repurchase program. BLMN shares are down 2.68% premarket. Investors can also gain exposure through LeaderShares Activist Leaders ETF (NYSE: ACTV) and Series Portfolios Trust InfraCap Small Cap Income ETF (NYSE: SCAP).
August 06, 2024 | 1:30 pm
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NEGATIVE IMPACT
LeaderShares Activist Leaders ETF (ACTV) provides exposure to Bloomin' Brands, which reported disappointing Q2 earnings and lowered its FY24 outlook. This could negatively impact the ETF's performance in the short term.
Given that ACTV holds Bloomin' Brands, the negative earnings report and outlook could weigh on the ETF's performance in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Bloomin' Brands missed Q2 earnings estimates and lowered its FY24 outlook, leading to a 2.68% drop in premarket trading. The company reported adjusted EPS of $0.51, below the $0.58 consensus, and sales of $1.12 billion, slightly missing the $1.13 billion estimate. The company also declared a quarterly dividend and continued its share repurchase program.
The missed earnings and lowered outlook are likely to negatively impact investor sentiment in the short term. The slight miss in sales and the contraction in operating margins further contribute to the negative outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Series Portfolios Trust InfraCap Small Cap Income ETF (SCAP) includes Bloomin' Brands, which reported weaker-than-expected Q2 earnings and lowered its FY24 outlook. This could negatively affect the ETF's short-term performance.
SCAP's exposure to Bloomin' Brands means the ETF could face short-term headwinds due to the company's disappointing earnings and revised outlook.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50