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Darden Restaurants Earnings: DRI Stock Soars 26% on Q3 Beat

Darden Restaurants (NYSE:DRI) earnings for fiscal third quarter of 2020 have DRI stock soaring on Thursday. This is thanks to its diluted earnings per share (EPS) of $1.89. That’s better than Wall Street’s estimate of $1.88 for the quarter. The restaurant holding company’s revenue of $2.35 billion also comes in above analysts’ estimates of $2.32 billion.

Darden Restaurants Earnings: DRI Stock Soars 17% on Q3 Beat

Source: Sundry Photography / Shutterstock.com

Now, let’s take a closer look at the most recent Darden Restaurants earnings report.

  • Diluted per-share earnings are up 5.59% from $1.79 during the same time last year.
  • Revenue for the quarter is sitting 4.44% higher than the $2.25 billion in the fiscal third quarter of 2019.
  • Operating income of $278.3 million is a 4.82% increase year-over-year from $265.5 million.
  • The Darden Restaurants earnings report also includes a net income of $232.3 million.
  • That’s a 3.89% jump from the company’s net income of $223.6 million in the same period of the year prior.

Gene Lee, Cheif Executive Officer of Darden Restaurants, said this about the DRI stock earnings report:

“The health and safety of our team members, their families and our guests remains our top priority. We are committed to supporting our team members during this unprecedented time and are pleased to have an emergency pay program to supplement our permanent paid sick leave policy for all of our hourly team members.”

There’s no outlook in the current Darden Restaurants earnings report. The company is withdrawing its guidance due to the ongoing effects of the coronavirus from China. It’s also suspending its dividend in reaction to the virus.

DRI stock was up 26.05% as of Thursday afternoon.

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/2020/03/darden-restaurants-earnings-boost-dri-stock-up/.

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