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TAMPA, Fla. (AP) — TAMPA, Fla. (AP) — Bloomin' Brands Inc. (BLMN) on Wednesday reported first-quarter net income of $42.2 million, after reporting a loss in the same period a year earlier.
The Tampa, Florida-based company said it had net income of 50 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 59 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The owner of Outback Steakhouse and other casual dining spots posted revenue of $1.05 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $1.04 billion.
For the current quarter ending in June, Bloomin' Brands expects its per-share earnings to range from 20 cents to 25 cents.
Bloomin' Brands shares have decreased 35% since the beginning of the year. The stock has dropped 68% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BLMN at https://www.zacks.com/ap/BLMN