Bloomin' Brands, Inc. (BLMN) Tuesday reported net loss for the third quarter, compared with profit last year, even as total revenues rose by 10.1 percent year-over-year. The company had incurred certain charges in relation to its organizational realignment and sale of some assets. However, on adjusted basis, the company reported profit, that beat the Street view.
Net loss attributable to Bloomin' Brands was $11.4 million or $0.09 per share versus net profit of $11.3 million or $0.09 per share in the third quarter of 2013.
Excluding certain items, the company earned $0.10 per share. On average, 14 analysts polled by Thomson Reuters expected earnings of $0.08 per share. Analysts' estimates typically exclude special items.
During the quarter, the group underwent an organizational realignment, which resulted in $5.4 million of expense for severance and related items. Also, in connection with its plans to dispose the Roy's business, the company recorded pre-tax impairment and other charges of $6.1 million for assets held for sale.
Quarterly revenues increased to $1.1 billion from $967.6 million a year ago. Analysts expected revenues of $1.04 billion.
Looking ahead, for fiscal 2014, the firm now expects earnings per share in the range of $0.68 - $0.73, down from the previous range of $0.93 - $0.98. Total revenues are estimated in a range of $4.42 billion - $4.45 billion, versus the previous range of $4.40 billion- $4.45 billion. Adjusted earnings per share are still expected in a range of $1.05 - $1.10. Analysts expect earnings per share of $1.07 per share, on revenues of $4.42 billion.
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