Bloomin' Brands raised its full-year profit outlook and said its Outback Steakhouse chain continues to make progress on its turnaround plan.
The results came as the restaurant company, which also owns Carrabba's Italian Grill and Bonefish Grill, posted a narrower third-quarter loss as revenue gained, topping Wall Street's projection.
Bloomin' Brands said it now expects adjusted earnings per share of 97 cents to $1.02 for the year, up from its prior outlook of 90 cents to $1.
The company also trimmed the top end of its forecast for U.S. same-store sales, guiding for growth of 1% to 1.5%, compared with a previous range of 1% to 2%.
For the current fourth quarter, Bloomin' Brands anticipates adjusted earnings per share of 7 cents to 12 cents, compared with analysts' estimate of 14 cents. The company guided for same-store sales of flat to up 1%.
Bloomin' Brands Chief Executive Mike Spanos said he is encouraged by continued progress on Outback Steakhouse's turnaround, pointing to five consecutive quarters of year-over-year improvement in guest scores.
"We remain focused on consistent execution across food, service, experience and affordability to strengthen the guest experience and drive sustainable long-term growth," Spanos said.
The stock was up 3.8%, to $10.87, in premarket trading on Friday.
The company posted a third-quarter loss of $2.2 million, or 2 cents a share, compared with a loss of $45.9 million, or 54 cents a share, a year earlier.
Adjusted loss per share was 17 cents. Analysts polled by FactSet had expected an adjusted loss of 24 cents a share.
Revenue rose 1.7% to $944.3 million, compared with analyst estimates of $925.2 million.
U.S. same-store sales rose 1.9%, with gains led by Bonefish Grill. The metric also grew at Outback Steakhouse and Carrabba's Italian Grill.
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