Investing.com -- Brinker International Inc. (NYSE:EAT) reported better-than-expected third quarter earnings and revenue on Tuesday.
Despite this, the company’s shares plunged -14.25% in premarket trading.
The parent company of Chili’s and Maggiano’s Little Italy posted adjusted earnings per share of $2.66 for the quarter ended March 26, beating analyst estimates of $2.49. Revenue rose 27.2% YoY to $1.43 billion, surpassing expectations of $1.37 billion.
Comparable restaurant sales increased 28.2% companywide, with Chili’s seeing a 31.6% jump driven by a 20.9% rise in traffic. Maggiano’s comparable sales edged up just 0.4%.
"Chili’s delivered another positive quarter in our turnaround with +31% same store sales driven by +21% traffic," said Kevin Hochman, President & CEO of Brinker International. "Our continued progress on the fundamentals of great food, great service in a fun, friendly atmosphere is clearly winning with guests."
Brinker’s full-year earnings guidance of $8.50-$8.75 per share also came in above Wall Street’s forecast of $8.47. The company expects fiscal 2025 revenue between $5.33-$5.35 billion, above the $5.25 billion consensus.