Darden Restaurants, Inc. Stock Surges on Sales, Outlook

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Darden Restaurants, Inc. (NYSE:DRI) stock was up today on positive news in its earnings report for its fiscal second quarter of 2018.

Darden Restaurants, Inc. Stock Surges on Sales, Outlook

The good news for DRI stock starts with sales of $1.88 billion for its fiscal second quarter of 2018. This is a 14.6% increase over its sales from the same time last year. It also came in above Wall Street’s sales estimate of $1.85 billion for the period.

DRI stock also got a boost today on an increase to its guidance for fiscal 2018 in its most recent earnings report. The restaurant company now expects sales to be up 13% in fiscal 2018, which is tighter than its prior guidance that had sales increasing between 11.5% to 13%.

Darden Restaurants, Inc. also notes that it is now expecting earnings per share for fiscal 2018 to range from $4.45 to $4.53. It was previously expecting earnings per share for the year to come in between $4.38 and $4.50. Analysts are estimating earnings per share of $4.44 for the fiscal year.

Darden Restaurants, Inc.’s earnings report for its fiscal second quarter of 2018 also included earnings per share of 73 cents. This is up from its earnings per share of 64 cents from the same period of the year prior. It also beat out Wall Street’s earnings per share estimate of 70 cents for the quarter.

Net income reported by Darden Restaurants, Inc. in its fiscal second quarter of 2018 was $84.70 million. This is an increase over its net income of $79.50 million reported in same quarter of the previous year.

DRI stock was up 4% as of noon Tuesday and is up 26% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2017/12/darden-stock-surges-on-earnings-report/.

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