Restaurant operator Bloomin' Brands Inc. (BLMN) Tuesday reported first-quarter net incomeof $63 million or $0.50 per share, compared to $50 million or $0.47 per share last year.
Revenues for the quarter were higher by 3.5% at $1.1 billion, compared to $1.06 billion ayear ago.
Analysts polled by Thomson Reuters estimated earnings of $0.44 per share on revenues of $1.08 billion for the quarter. Analysts' estimates typically exclude special items.
For fiscal year 2013, the company raised its outlook and now expects net earnings of at least $1.28 per share and adjusted earnings of at least $1.10 per share. It earlier estimated earnings of $1.06 per share.
Analysts currently expect earnings of $1.11 per share for the year.
The company said that net earnings assumes the potential release of the valuation allowance on deferred tax assets of at least $40 million and a $14 million to $17 million charge associated with the repricing of its senior secured term loan B facility.
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