Share “Bloomin' Brands 2Q profit falls 65 percent”

Bloomin' Brands 2Q profit falls 65 percent

Published on NewsOK Modified: August 5, 2014 at 1:52 pm •  Published: August 5, 2014

TAMPA, Fla. (AP) — Bloomin' Brands Inc. on Tuesday reported earnings that decreased by 65 percent in its second quarter, and missed analysts' expectations.

Net income attributable to the Tampa, Florida, company declined to $26.4 million, or 21 cents per share, from $74.9 million, or 58 cents per share, in the same quarter a year earlier.

Earnings, adjusted for amortization costs, were 27 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

The company said revenue climbed 9 percent to $1.11 billion from $1.02 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $1.1 billion, according to Zacks.

Bloomin' Brands shares have fallen $4.20, or 17 percent, to $19.81 since the beginning of the year. The stock has declined $5.05, or 20 percent, the last 12 months