RTTNews | Aug 12, 2020 07:06AM EDT

07:06 Wednesday, August 12, 2020 (RTTNews.com) - While reporting financial results for the fourth quarter and fiscal 2020 on Wednesday, casual dining restaurant owner Brinker International, Inc. (EAT) provided guidance for the first quarter of fiscal 2021. However, the refrained from its usual practice of providing an annual outlook.

The company said it plans to update financial outlook on a quarterly basis until such time it can reliably forecast on a longer term basis given the uncertainties created by the ongoing COVID-19 pandemic.

For the first quarter, the company now projects a loss in a range of $0.40 to $0.25 per share on a decline in comparable restaurant sales in the low to mid-teens percentage.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.33 per share on revenues of $855.65 million for the quarter. Analysts' estimates typically exclude special items.

In early April, the company withdrew its financial guidance for fiscal 2020 as a result of conditions arising from COVID-19. It also suspended the quarterly cash dividend and all share repurchase activity.

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