Brinker International, Inc. (NYSE: EAT) dipped in share price late Tuesday morning, after the company posted upbeat Q2 earnings and raised its FY 2018 earnings guidance.
The Dallas-based Brinker reported, on a GAAP basis, second-quarter earnings per diluted share of $0.54, representing a 21.7% decrease from $0.69 in the second quarter of fiscal 2017
Earnings per diluted share, excluding special items, were $0.87 for the second quarter of fiscal 2018 representing a 22.5% increase from $0.71 in the second quarter of fiscal 2017
Brinker International's total revenues were $766.4 million in the second quarter of fiscal 2018 decreasing 0.6% compared to the second quarter of fiscal 2017, and company sales were $742.7 million in the second quarter of fiscal 2018 decreasing 0.8% compared to the second quarter of fiscal 2017
The Company is updating its fiscal 2018 outlook and now estimates earnings per diluted share, excluding special items and the revaluation of the Company's deferred tax accounts, to be in the range of $3.42 to $3.52 for fiscal 2018
According to CEO Wyman Roberts, "Brinker saw performance improve across the business during the second quarter, especially related to our initiatives to change traffic trends at Chili's.
"With this foundational strategy in place, we will focus on targeted segments of the business we believe will enhance the guest experience and drive traffic."
Founded in 1975 as of December 27, 2017, Brinker owned, operated, or franchised 1,682 restaurants under the names Chili's® Grill & Bar (1,630 restaurants) and Maggiano's Little Italy® (52 restaurants).
The shares decreased in price 23 cents to $37.29.
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