NEW YORK (TheStreet) -- Bloomin' Brands (BLMN) was rising 12.59% to $25.85 on Tuesday after the company, which owns the Outback Steakhouse and Bonefish Grill restaurant chains, reported fourth-quarter net income that more than tripled thanks to a gain from the acquisition of a controlling stake in its Brazilian operation.
Bloomin' Brands earned $59 million, or 46 cents a share, in the fourth quarter, up from $18.4 million, or 15 cents a share, in the same period a year earlier. The latest period included a $36.6 million gain from the Brazilian acquisition. Without this gain and other items, earnings per share were 27 cents. Analysts polled by FactSet expected EPS of 26 cents. Revenue increased year over year to $1.05 billion from $998.4 million, which was in line with analysts' expectations.
Domestic same-store sales in restaurants opened 18 months or more rose 1.4%, as traffic ticked up 0.3% and menu prices increased.
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TheStreet Ratings team rates BLOOMIN' BRANDS INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about its recommendation:
"We rate BLOOMIN' BRANDS INC (BLMN) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, revenue growth and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and poor profit margins."