Chili's parent Brinker's stock up 2.9% after earnings beat and strong guidance

Brinker International Inc.'s stock (EAT) rose 2.9% premarket Wednesday, after the operator of fast-casual chains Chili's, Grill & Bar and Maggiano's Little Italy, posted better-than-expected earnings for its fiscal first quarter and offered guidance that topped consensus estimates . The Dallas-based company had net income of $7.2 million, or 16 cents a share, for the quarter through Sept. 27, after a loss of $30.2 million, or 69 cents a share, in the year-earlier period. Adjusted for special items, the company had EPS of 28 cents, well ahead of the 5 cent FactSet consensus. Revenue rose to $1.013 billion from $955.5 million a year ago, also ahead of the $1.010 billion FactSet consensus. Same-restaurant sales rose 5.8%, while FactSet was expecting a rise of 5.7%. The company now expects fiscal 2024 EPS of $3.35 to $3.65, compared with a FactSet consensus of $3.32. It still expects revenue of $4.27 billion to $4.35 billion, compared with a FactSet consensus of $4.31 billion. The stock has gained 6.3% in the year to date, while the S&P 500 has gained 9%.

-Ciara Linnane

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11-01-23 0731ET

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