For Immediate Release
Chicago, IL – April 22, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Boeing Company (BA), Lockheed Martin Corporation (LMT), Brinker International, Inc. (EAT), Red Robin Gourmet Burgers Inc. (RRGB) and Ruby Tuesday Inc. (RT).
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Here are highlights from Wednesday’s Analyst Blog:
Boeing Flies Above Zacks Consensus
Boeing Company (BA) overcame market pessimism, showing resilience in its core businesses with first quarter fiscal 2010 earnings of 70 cents per share, outpacing the Zacks Consensus Estimate of 64 cents. The company, like its defense Goliath peer Lockheed Martin Corporation (LMT), was affected by changes in the health care bill.
Changes in the health care bill eliminated the tax deduction that was previously available for Medicare benefit costs reimbursed. This took away 20 cents from the reported quarterly earnings per share. However, year-ago quarterly results were also affected by a 31-cent charge on commercial airplanes, precipitated by poor market conditions.
The Street was apprehensive of Boeing’s ability to recover since its commercial airplane deliveries were badly affected by cancellation and deferment from customers feeling the after-shocks of the worldwide recession. As a result, Boeing’s quarterly revenue decreased 8% year-over-year to $15.2 billion.
Brinker Misses Zacks Estimate
Brinker International, Inc. (EAT), the operator of Chili’s Grill & Bar and Maggiano’s restaurants, recently posted lower-than-expected third-quarter 2010 results hurt by adverse weather conditions and costs related to the roll-out of new Chili’s menu.
The quarterly earnings of 37 cents a share, excluding special items and net income from On The Border Mexican Grill & Cantina, fell short of the Zacks Consensus Estimate of 41 cents, and dropped 7.5% from 40 cents posted in the prior-year quarter.
However, including the results of On The Border but excluding special items, earnings came in at 42 cents a share down 6.7% year-over-year, but was in line with Brinker’s previously provided earnings guidance range of 41 cents to 44 cents.
Management now projects fiscal 2010 earnings, excluding special items and net income from On The Border, between $1.20 and $1.24 per share, and fourth-quarter earnings in the range of 45 cents to 49 cents.
On a reported basis, Brinker earned 39 cents a share, up 14.7% from 34 cents delivered in the year-earlier quarter.
Based in Dallas, Texas, Brinker said that total revenue slipped 7.8% to $713.4 million reflecting a 4.2% decline in comparable restaurant sales and a 5.3% fall in restaurant capacity following the sale of 21 restaurants to a franchisee and closure of 19 restaurants, since third-quarter 2009. Adverse weather negatively impacted comps by about 90 basis points.
Brinker now expects comparable-store sales for fiscal 2010 between 1% and 2%, an improvement over the 2% to 4% decline forecasted earlier. By restaurant concepts, comps fell 5% at Chili’s Grill & Bar but rose 1.9% at Maggiano’s helped by improving traffic.
Casual dining segment remains highly competitive with restaurant operators offering discounts in order to drive traffic. Other operators in the segment are Red Robin Gourmet Burgers Inc. (RRGB) and Ruby Tuesday Inc. (RT).
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