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Bloomin' Brands, Inc. (NASDAQ:BLMN ) Q1 2024 Earnings Conference Call May 7, 2024 8:00 AM ET Company Participants Tara Kurian - Vice President of Corporate Finance and Investor Relations David Deno - Chief Executive Officer Michael Healy - Chief Financial Officer and Executive Vice President, Global Business Development Conference Call Participants Jeffrey Bernstein - Barclays Capital LLC Alexander Slagle - Jefferies Group LLC John Ivankoe - JPMorgan Chase & Co. Sharon Zackfia - William Blair & Company, LLC Brian Harbour - Morgan Stanley Sara Senatore - BofA Securities, Inc. Lauren Silberman - Deutsche Bank Brian Mullan - Piper Sandler Companies Dennis Geiger - UBS Group AG Andrew Strelzik - BMO Capital Markets Operator Greetings, and welcome to the Bloomin' Brands Fiscal First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Bloomin' Brands (BLMN) came out with quarterly earnings of $0.70 per share, missing the Zacks Consensus Estimate of $0.75 per share. This compares to earnings of $0.98 per share a year ago.

Looking beyond Wall Street's top -and-bottom-line estimate forecasts for Bloomin' Brands (BLMN), delve into some of its key metrics to gain a deeper insight into the company's potential performance for the quarter ended March 2024.

TAMPA, Fla.--(BUSINESS WIRE)--Bloomin' Brands, Inc. (Nasdaq: BLMN) will release results for the fiscal first quarter ended March 31, 2024, on Tuesday, May 7, 2024, at approximately 6:45 AM EDT, which will be followed by a conference call to review its financial results at 8:00 AM EDT the same day. The call will be webcast live from the Company's website at http://www.bloominbrands.com under the Investors section. A replay of this webcast will be available on the Company's website after the call.

Concentration and a dimming outlook for earnings growth (outside of tech) in 2024 have the S&P 500 NYSEARCA: SPY set up for a correction. It may not happen soon, but signs continue to grow, with investors flooding into market leaders like NVIDIA NASDAQ: NVDA, Advanced Micro Devices NASDAQ: AMD, Amazon NASDAQ: AMZN, and Meta Platforms NASDAQ: META, and expectations for rate cuts are receding.

Bloomin' Brands Inc. NASDAQ: BLMN is among the latest in a series of companies to be getting attention from activist investors who want to see change that would make their shares grow in value.

While the top- and bottom-line numbers for Bloomin' Brands (BLMN) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Bloomin' Brands NASDAQ: BLMN served mixed results for Q4 and provided tepid guidance, but repositioning efforts have the restaurant stock set up to blossom in 2024. A massive closure effort intended to trim older, underperforming assets in favor of new and new assets is underway, and results have begun to show.

Bloomin' Brands (BLMN) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.68 per share a year ago.

Bloomin' Brands Inc. BLMN, -0.56% on Friday reported a lower fourth-quarter profit, but its adjusted earnings for the period beat analyst estimates on a strong holiday season. The owner of Outback Steakhouse, Carrabba's Italian Grill and Bonefish Grill also said the first three weeks of the first quarter were negatively impacted by weather.