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Brinker stock soars after Chili's parent reports earnings that blow past expectations

Brinker International Inc. (EAT) shares soared 11.8% in early Wednesday trading after the restaurant company reported fiscal second-quarter profit that far exceeded expectations. Net income totaled $27.6 million, or 60 cents per share, up from $12.0 million, or 26 cents per share, last year. Adjusted EPS of 71 cents blew past the FactSet consensus of 51 cents. Revenue of $925.8 million was up from $760.7 million and roughly in line with the FactSet consensus of $925.9 million. Comparable sales grew 17.7% with Chili's up 12.1% and Maggiano's soaring 78.1%. Chili's sales totaled $791.9 million and Maggiano's sales reached $112.6 million. The FactSet consensus was for 20% growth. Both restaurant chain saw sales grow alongside higher dining room business. Chili's growth was offset by a decline in off-premise business. Brinker stock is down 36.4% over the past year while the S&P 500 index has gained 19.6%.

-Tonya Garcia

 

(END) Dow Jones Newswires

02-02-22 0941ET

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