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Bloomin’ Brands shares higher after revising full year guidance

The restaurateur is now guiding full-year 2017 EPS at US$1.09 to US$1.14 compared with previous guidance of US$1.34 to US$1.41

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Bloomin’ Brands said Hurricanes Harvey and Irma hit same-restaurant sales by 1% and EPS by 4 US cents.

Bloomin’ Brands Inc (NYSE:BLMN) shares bounced higher in early trade after the company cut its full year guidance following dismal third quarter numbers.

The restaurant company, which boasts of chains like Outback Steakhouse and Carrabba's Italian Grill, said in the quarter, net income came in at US$4.3mln or 5 US cents per share, sharply down from the US$20.7mln or 18 US cents per share, for the same period last year.

Adjusted EPS was 12 US cents, again off market’s expectations for 15 US cents.

Although revenue fell to US$948.9mln from the US$1.0bn posted a year ago, it was still slightly above Wall Street’s expectations for US$948.0mln.

Hurricanes Harvey and Irma impact sales

In the US, same-restaurant sales fell 1%, bearing up well against analysts’ expectations for a drop of 2%.

Bloomin’ Brands said Hurricanes Harvey and Irma hit same-restaurant sales by 1% and EPS by 4 US cents.

The restaurateur is now guiding full-year 2017 EPS at US$1.09 to US$1.14 compared with previous guidance of US$1.34 to US$1.41.

Adjusted EPS has also been lowered to US$1.31 to US$1.36 from the previous guidance of US$1.40 to US$1.47. Wall Street’s consensus is for US$1.40.

In early trade, its shares were up 2.66% at US$17.76.

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