Bloomin’ Brands, Inc. (NASDAQ:BLMN) shares surged on Wednesday after the restaurant operator posted stronger-than-expected quarterly results and issued upbeat second-quarter earnings guidance.

The company pointed to improving performance at Outback Steakhouse as pricing actions, operational initiatives and higher guest spending helped support margins and sales growth.

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Quarterly Details

The company reported first-quarter adjusted earnings per share of 67 cents, beating the analyst consensus estimate of 57 cents.

Quarterly sales of $1.059 billion (+1% year over year) outpaced the Street view of $1.04 billion, primarily due to higher comparable restaurant sales.

“Outback brand scores continue to improve, highlighting our craveable steaks and food quality,” said CEO Mike Spanos. “We are making progress on our turnaround and remain committed to driving long-term, sustainable, and profitable growth for Bloomin’ Brands.”

Adjusted operating income margin in the quarter under review contracted to 5.9% from 6.1%.

Restaurant-level operating margin expanded to 14% from 13.9% a year ago. The increase was primarily driven by higher average check per person due to pricing, cost-saving and productivity initiatives, and lower advertising expense, partially offset by inflation-driven increases in commodity, operating, and labor costs.

Outlook

Bloomin Brands is looking for second-quarter adjusted earnings per share of 27 cents to 32 cents, versus 22 cents analyst estimate.

The firm affirmed 2026 adjusted earnings per share guidance of 75 cents to 90 cents.

The firm expects U.S. comparable restaurant sales to grow between 1% and 2% in the second quarter of 2026.

BLMN Price Action: Bloomin’ Brands shares are trading higher by 48.35% to $8.55 at last check on Wednesday.

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