- Darden Restaurants beats bottom line estimates and issues above-consensus earnings guidance. Also of note, the company will acquire Cheddar's Scratch Kitchen in an all-cash deal.
ORLANDO, Fla. (AP) _ Darden Restaurants Inc. (DRI) on Monday reported fiscal third-quarter earnings of $165.6 million.
On a per-share basis, the Orlando, Florida-based company said it had profit of $1.32.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.
The owner of Olive Garden and other chain restaurants posted revenue of $1.88 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $1.86 billion.
Darden Restaurants expects full-year earnings to be $3.95 to $4 per share.
Darden Restaurants shares have risen roughly 4 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 5 percent.
No comments:
Post a Comment