Bloomin Brands (BLMN) earnings overview for the 2nd quarter of their 2021 fiscal year
Category: Bloomin Brands (BLMN)
Date: 3 August 2021 Stock price of Bloomin Brands (BLMN): $25.46 Market Capital of Bloomin Brands (BLMN): $2.26 billion We take a look at the 2nd quarter 2021 earnings report of Bloomin Brands (BLMN), owner of various restaurant franchise brands such as Outback Steakhouse and Carrabba's Italian Grill. For the 2nd quarter the group reported revenue of $1.07 billion and net income of $82.5 million
|
Q2 represented another quarter of strong results. We are well positioned to grow sales and capture additional market share- David Deno, Chief Executive Officer. "
About Bloomin' Brands
The Company has four founder-inspired brands: Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar. The Company owns and operates more than 1,450 restaurants in 47 states, Puerto Rico, Guam, and 20 countries, some of which are franchise locations.
Overview of Bloomin' Brands (BLMN) 2nd quarter 2021 earnings report
- Q2 Diluted EPS of $0.75 and Adjusted Diluted EPS of $0.81
- Q2 Comparable Restaurant Sales Growth of 65.8% at Outback Steakhouse and 84.6% Combined U.S.
- Strengthening Third Quarter-to-Date U.S. Comp Sales Trends on a 2-Year Basis
Bloomin' Brands management commentary on 2nd quarter 2021 earnings
TAMPA, Fla.--(BUSINESS WIRE)--Jul. 30, 2021-- Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the second quarter 2021 (“Q2 2021”) compared to the second quarter 2020 (“Q2 2020”).
CEO Comments
“Q2 represented another quarter of strong results. We are well positioned to grow sales and capture additional market share,” said David Deno, Chief Executive Officer. “We are making great progress improving margins, increasing cash flow and retaining off-premises sales as dining rooms have reopened. Our sales momentum has continued through the first four weeks of the third quarter with U.S. comp sales up 15.2% on a two-year basis versus 2019.”
CEO Comments
“Q2 represented another quarter of strong results. We are well positioned to grow sales and capture additional market share,” said David Deno, Chief Executive Officer. “We are making great progress improving margins, increasing cash flow and retaining off-premises sales as dining rooms have reopened. Our sales momentum has continued through the first four weeks of the third quarter with U.S. comp sales up 15.2% on a two-year basis versus 2019.”
Related Topics:
Q3 2021 Financial Outlook
The table below presents our expectations for selected fiscal Q3 2021 financial operating results. Our outlook assumes no significant business interruptions related to COVID-19 and contemplates the following considerations:
Q3 2021 Outlook
Fiscal 2021 Financial Outlook
We are updating our 2021 financial outlook for the following items:
The table below presents our expectations for selected fiscal Q3 2021 financial operating results. Our outlook assumes no significant business interruptions related to COVID-19 and contemplates the following considerations:
- Continuing momentum in U.S. sales trends and includes a level of traditional Q3 seasonality; and
- Achieving ongoing operating efficiencies from simplification efforts, waste reduction and lower advertising.
Q3 2021 Outlook
- Total revenues At least $1.015B
- EBITDA: At least $115M
- GAAP diluted earnings per share: At least $0.45
- Adjusted diluted earnings per share: At least $0.50
Fiscal 2021 Financial Outlook
We are updating our 2021 financial outlook for the following items:
- Increased commodity inflation reflects increases in protein costs, primarily chicken and seafood, as we acquired additional supply outside of our contracted terms due to higher sales volumes;
- Higher general and administrative expenses from additional incentive compensation as a result of strong financial performance; and
- A reduction in capital expenditures due to raw material constraints delaying relocations, remodels and new restaurants into 2022.
Bloomin' Brands (BLMN) stock price chart for the last 5 years
The image below shows the stock price history of Bloomin Brands over the last 5 years. And its been a average time for Bloomin' Brands stockholders. Over the last 5 years the stock of Bloomin' Brands increased by 31.7%. Not the type of returns that any investor would think as shooting the lights out.
The stock of Bloomin' Brands is trading at closer to its 52 week high than it is to its 52 week low which to us is a clear indication that the short term sentiment and momentum of Bloomin' Brands stock is positive at this point in time,
The stock of Bloomin' Brands is trading at closer to its 52 week high than it is to its 52 week low which to us is a clear indication that the short term sentiment and momentum of Bloomin' Brands stock is positive at this point in time,
Bloomin' Brands latest stock valuation
So what do we value Bloomin' Brands stock at after the release of their 2nd quarter 2021 earnings report? Based on Bloomin' Brands 2nd quarter 2021 earnings report our valuation models provides a target price (full value price) for Bloomin' Brands at $64.30 a stock. We therefore believe that the stock of Bloomin' Brands is close to fully valued.
We usually suggest that long term and fundamental investors get in at least 10% below our target (full value) price which in this case is $64.30 therefore we believe a good entry point into Molson Coors stock is at $57.80 or below.
We expect the stock of Molson Coors to slowly make its way up to our target price (full value price) in coming weeks and months as we believe is slightly undervalued and that their cost savings program will filter through to higher earnings and better valuations in coming reporting quarters.
We usually suggest that long term and fundamental investors get in at least 10% below our target (full value) price which in this case is $64.30 therefore we believe a good entry point into Molson Coors stock is at $57.80 or below.
We expect the stock of Molson Coors to slowly make its way up to our target price (full value price) in coming weeks and months as we believe is slightly undervalued and that their cost savings program will filter through to higher earnings and better valuations in coming reporting quarters.
Next earnings release of Bloomin' Brands
It is expected that Bloomon' Brands will publish their 3rd quarter 2021 earnings report in late October 2021