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Darden Restaurants Stock Down Despite Q1 Earnings Beat

DRI beat Q1 EPS and revenue estimates

Darden Restaurants stock is on a wild ride today following the release of its earnings report for its fiscal first quarter of 2019.

Darden Restaurants Stock Down Despite Q1 Earnings Beat

Darden Restaurants (NYSE:DRI) reported earnings per share of $1.34 for its fiscal first quarter of the year. This is an increase over the company’s earnings per share of 99 cents from the same time last year. It also comes in above Wall Street’s earnings per share estimate of $1.24 for the quarter, but Darden Restaurants stock is still down today.

Net income reported by Darden Restaurants for its fiscal first quarter of 2019 came in at $166.20 million. This is better than the company’s net income of $119.00 million reported in its fiscal first quarter of 2018.

During its fiscal first quarter of the year, Darden Restaurants reported operating income of $189.10 million. The Olive Garden and LongHorn Steakhouse owner reported operating income of $174.50 million in the same period of the year prior.

Darden Restaurants also reported revenue of $2.06 billion for its fiscal first quarter of 2019. This is up from the company’s revenue of $1.94 billion reported in its fiscal first quarter of the previous year. It also beat out analysts’ revenue estimate of $2.03 billion for the period.

Darden Restaurants took time in its most recent earnings report to update its outlook for its fiscal full year of 2019. The company says it now expects earnings per share for the period to range from $5.52 to $5.65. The previous guidance was for earnings per share between $5.40 and $5.56. Wall Street is looking for earnings per share of $5.55 for the year.

DRI stock was down slightly 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/2018/09/darden-restaurants-stock-down-despite-earnings-beat/.

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