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Darden Restaurants, Inc. Shares Fly on Boffo Earnings Beat

DRI beat EPS estimates by 6 cents

By William White, InvestorPlace Writer


Darden Restaurants (NYSE:DRI) stock was on the rise Thursday following the release of its earnings report for its fiscal fourth quarter of 2018.

Darden Restaurants’s earnings report for its fiscal fourth quarter of the year includes earnings per share of $1.41. This is up from its earnings per share of $1.18 reported in the same time last year. It was also good news for DRI stock by coming in above Wall Street’s earnings per share estimate of $1.35 for the period.

During its fiscal fourth quarter of 2018, Darden Restaurants reported net income of $174.50 million. The restaurant company’s net income from its fiscal fourth quarter of the previous year was $123.80 million.

Darden Restaurants also reported operating income of $230.00 million for its fiscal fourth quarter of the year. Operating income reported in the same period of the year prior came in at $170.20 million.

Revenue reported by Darden Restaurants in its fiscal fourth quarter of 2018 was $2.13 billion. This is better than the company’s revenue of $1.93 billion that was reported in its fiscal fourth quarter of 2017. It was also a match for analysts’ revenue estimate of $2.13 billion for the quarter.

Darden Restaurants took time in its recent earnings report to provide its outlook for the fiscal full year of 2019. The company says that it is expecting earnings per share for the year to range from $5.40 to $5.56. Wall Street is looking for earnings per share of $5.41 for fiscal 2019.

Darden Restaurants also says that it is expecting total sales growth for fiscal 2019 to come in between 4% and 5%. Sales from fiscal 2018 were $8.08 billion. Analysts are estimating sales of $8.44 billion for the period.

DRI stock was up 11% as of Thursday morning.

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/2018/06/darden-restaurants-stock-soars-on-earnings-beat/.

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