Shares of Brinker International (EAT) - Get Report fell 3.2% to $38.59 Tuesday after the parent company of Chili's and Maggiano's restaurants missed Wall Street's fiscal fourth-quarter revenue estimates.
The Dallas-based company reported net income of $46.8 million, or $1.22 a share, up from $43.8 million, or $1.01 a share, a year ago. Adjusted earnings came to $1.36 a share, beating analysts' estimates of $1.34.
Revenue totaled $804.8 million, up from $791.4 million a year ago, but below Wall Street's call for $835 million. Same-restaurant sales increased 1.5%, short of analysts' estimates for 1.7% growth. Same-restaurant sales rose 1.5% at Chili's and fell 0.2% at Maggiano's.
Looking ahead, Brinker International said it expects fiscal 2020 earnings to range from $4.15 to $4.35 a share, while Wall Street is calling for $4.04. The company said it expects to acquire 116 Chili's restaurants in its fiscal first quarter from its franchisee, ERJ Dining. Revenue is forecast to increase 9% to 10% and same-restaurant sales are expected to be up 1.75% to 2.5%.