RTTNews | Oct 20, 2021 10:21AM EDT

10:20 Wednesday, October 20, 2021 (RTTNews.com) - The texas-based restaurant chain, Brinker International, Inc. (EAT), is down 10% in the regular trading market on Wednesday after reporting lower-than-expected earnings in the first quarter.

Brinker reported net income of $13.20 million or $0.28 earnings per share in the quarter, up from $10.70 million or $0.23 in the same quarter last year. Excluding special items, earnings were $16.1 million or $0.34 earnings per share.

On average. 19 analysts polled by Thomson Reuters expected the earnings to be $0.69 for the quarter.

Revenue also showed improvement to $876.40 in the quarter from $740.10 last year. The rise in revenue, chiefly due to the reopening of restaurants and increase in vaccination, was partially offset by a massive increase in labor scouting, training, and cost.

The shares are presently trading at $43.63, down $5.33 or 10.88% since their previous close at $48.95. The stock opened at $44.37 in the morning. In the 52-week period, the stock has ranged between $40.73 and $78.33.

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