Before the bell on Friday, casual restaurant operator Brinker International, Inc. (EAT
reported that its fourth quarter net income declined slightly year-over-year, but, on a per share basis, earnings rose and topped expectations. Revenues also increased in the quarter, but those results were not able to top estimates.
The Dallas, Texas-based company posted a fourth quarter net income of $46.37 million, down from the $47.00 million earned in the same period a year ago. However, on a per share basis, the company saw an increase in earnings, coming in at 64 cents from 61 cents a year ago.
On an adjusted basis, excluding certain one-time items, Brinker said it earned $55.10 million, or 77 cents per share, in the fourth quarter, up from $47.10 million, or 61 cents per share, last year. According to analysts, the company was expected to earn an adjusted 74 cents per share in the quarter.
The company's total revenues came in at $730.07 million for the quarter, up from $728.37 million in revenues posted in the same period in 2012. Analysts were expecting Brinker to see $736.31 million in revenues in the fourth quarter.
The increase in total revenues in the quarter was largely due to an increase in Franchise and other revenues, coming in at $20.94 million from $18.24 million last year. The company's sales were $709.13 million in the quarter, down from $710.13 million last year.
Breaking it down even further, Brinker's Chili's property saw domestic comparable store sales decrease 0.3% in the quarter. Chili's international comparable store sales increased 2.3%. For Maggiano's, comparable store sales increased 0.2% in the quarter.
"We are confident we will achieve our previously stated goal of doubling of our fiscal 2010 earnings per share next fiscal year, a full year ahead of schedule," said Wyman Roberts, Chief Executive Officer and President.
Looking ahead to fiscal 2014 results, Brinker expects earnings to come in between $2.70 and $2.85 per share, while analysts are predicting the company will earn $2.75 per share for the year.
Brinker International shares were up $1.05, or 2.56%, during pre-market trading on Friday. The stock is up 32.14% year-to-date.
The Bottom Line
Shares of Brinker International (EAT
offer a dividend yield of 1.95% based on last night's closing price of $40.95 and the company's annualized dividend payout of 80 cents per share.
Brinker International, Inc. (EAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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