Bloomin’ Brands Inc. shares fell 1.7% in Friday premarket trading after the restaurant company reported third-quarter earnings that missed estimates and revised its full-year guidance lower. Bloomin’ Brands portfolio of restaurant chains includes Outback Steakhouse and Carrabba’s Italian Grill. Net income for the quarter totaled $4.3 million, or 5 cents per share, down from $20.7 million or 18 cents per share, for the same period last year. Adjusted EPS was 12 cents, below the 15-cents FactSet consensus. Revenue totaled $948.9 million, down from $1.0 billion last year and ahead of the $948.0 million FactSet estimate. U.S. same-restaurant sales fell 1%, compared with a FactSet consensus for a 2% drop. The company said Hurricanes Harvey and Irma hurt same-restaurant sales by 1% and EPS by 4 cents. Bloomin’ Brands now sees full-year 2017 EPS of $1.09 to $1.14 compared with previous guidance of $1.34 to $1.41, and adjusted EPS of $1.31 to $1.36 compared with prior guidance of $1.40 to $1.47. The FactSet consensus is $1.40. Bloomin’ Brands shares are up 2.1% for the last three months, but down 4.1% for the year so far. The S&P 500 index is up 15.2% for 2017 to date.
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