** charts before earnings **
** charts after earnings **
Darden Restaurants beats by $0.12, reports revs in-line; raises FY16 guidance above consensus; raises dividend, authorizes new buyback :
- Reports Q2 (Nov) earnings of $0.54 per share, $0.12 better than the Capital IQ Consensus of $0.42; revenues rose 3.2% year/year to $1.61 bln vs the $1.62 bln Capital IQ Consensus. Same-restaurant sales increased 1.6% for the fiscal quarter; On a comparable calendar basis, same-restaurant sales increased 2.9% for the quarter.
- Co issues upside guidance for FY16, sees EPS of $3.25-3.35 vs. $3.20 Capital IQ Consensus Estimate, up from prior guidance of $3.15-3.30. Sees same-restaurant sales to 2.5% to 3.0%, up from prior guidance of of +2% to +2.5%.
- The Company successfully concluded the spin-off of Four Corners Property Trust (FCPT) that included 424 restaurant properties, resulting in a stock dividend valued at $6.79 per share (Darden equivalent) as of the November 10, 2015 market close, the first day of regular-way trading in FCPT stock. In addition, the Company has completed 62 of 64 planned restaurant sale leasebacks and the sale leaseback of its Restaurant Support Center in Orlando.
- Co raised dividend 14% to $0.50 per common share, and authorized a new share repurchase program for up to $500 million of its outstanding common stock.
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