Brinker International, Inc. Q2 Results Rise Above Estimates; Shares Surge (EAT)

Shares of restaurant company Brinker International, Inc. (EAT) skyrocketed on Wednesday morning after the company reported higher Q2 earnings that beat analysts’ expectations. 

EAT’s Earnings in Brief 

EAT reported Q2 net income of $39.74 million, or 58 cents per share, up from $37.18 million, or 50 cents per share, a year ago. Excluding special items, earnings were 43 cents per share, up from 37 cents per share last year. Revenue for the quarter was $704.39 million, up from $689.76 million in the second quarter of last year. On average, analysts expected to see EPS of 58 cents and revenue of $699.23 million. Earnings were helped by cost cutting measures at Chili’s Grill & Bar and Maggiano’s Little Italy restaurants.

CEO Commentary

CEO and president of EAT, Wyman Roberts, commented: ”We remain encouraged about the trajectory of our business as results from this past quarter demonstrate our steady progress of driving top-line sales, while increasing value for our shareholders.”

EAT’s Dividend 

The company is expected to declare its next quarterly dividend of 24 cents in February. EAT paid its last quarterly payment on December 26. In August, EAT raised its dividend by 20% from 20 cents to 24 cent per share.

Stock Performance

Brinker International shares were up $4.21, or 9.02%, during pre-market trading Wednesday.