Brinker International (NYSE:EAT) Updates FY24 Earnings Guidance

Brinker International (NYSE:EAT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $3.80-4.00 for the period, compared to the consensus earnings per share estimate of $3.69. The company issued revenue guidance of $4.33-4.35 billion, compared to the consensus revenue estimate of $4.34 billion. Brinker International also updated its FY 2024 guidance to 3.800-4.000 EPS.

Brinker International Price Performance

Shares of EAT traded up $4.40 during midday trading on Tuesday, reaching $54.06. The stock had a trading volume of 2,322,387 shares, compared to its average volume of 1,304,362. Brinker International has a 1-year low of $28.23 and a 1-year high of $54.30. The company’s fifty day simple moving average is $47.27 and its two-hundred day simple moving average is $41.82. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 0.79 and a beta of 2.46.

Brinker International (NYSE:EAT) last announced its quarterly earnings data on Wednesday, January 31st. The restaurant operator reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.05. Brinker International had a net margin of 3.63% and a negative return on equity of 113.41%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.08 billion. On average, sell-side analysts forecast that Brinker International will post 3.71 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. BMO Capital Markets lifted their price target on shares of Brinker International from $52.00 to $55.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. Morgan Stanley raised their price objective on shares of Brinker International from $36.00 to $39.00 and gave the stock an underweight rating in a research report on Friday, April 12th. Gordon Haskett raised shares of Brinker International from a hold rating to a buy rating and set a $48.00 price objective on the stock in a research report on Tuesday, January 16th. Raymond James raised their price objective on shares of Brinker International from $45.00 to $50.00 and gave the stock a strong-buy rating in a research report on Thursday, February 1st. Finally, Barclays lifted their target price on shares of Brinker International from $36.00 to $39.00 and gave the company an equal weight rating in a report on Wednesday, January 3rd. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $44.81.

Insider Activity at Brinker International

In related news, CFO Joseph G. Taylor sold 24,163 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $44.97, for a total value of $1,086,610.11. Following the completion of the sale, the chief financial officer now owns 56,661 shares in the company, valued at $2,548,045.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.50% of the company’s stock.

Brinker International Company Profile

Brinker International, Inc, together with its subsidiaries, engages in the ownership, development, operation, and franchising of casual dining restaurants in the United States and internationally. It operates and franchises Chili's Grill & Bar and Maggiano's Little Italy restaurant brands.