ORLANDO, Fla. – Shares in the Darden Restaurants jumped on Thursday after the company increased prospects and achieved revenue and revenue beating Wall Street estimates.
The owner of Olive Garden and other chain restaurants reported fiscal third quarter results of $ 223.6 million, outperforming expectations and $ 217.8 million in the same quarter last year.
Another strong view from the anchor marks has Darden increased expectations for the whole year to $ 5.76 to $ 5.80 per share, from Earlier Guidance of between $ 5.60 and $ 5.70 per share.
Same restaurant sales for Olive Garden and LongHorn Steakhouse, which account for almost 80 percent of Darden's restaurants, increased by 4.3 percent and 3.8 percent, respectively, in the quarter. The metric is an important indicator of a restaurant's health as it strips out the impact of places that have opened or closed over the past year.
In Orlando, Florida-based company, it said that Florida had a net income of $ 1.79. Revenue adjusted to exclude discontinued operations came to $ 1.80 per share.
The results hit Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for $ 1.75 per share earnings. Dardens earnings per share for last year's third quarter were $ 1.73.
The company had a turnover of $ 2.25 billion during the period, peaking at $ 2.13 billion last year, as well as street forecasts. Nine analysts surveyed by Zacks expected $ 2.24 billion.
Darden shares rose more than 6 percent in early trading. They have increased more than 15 per cent since the beginning of the year and about 23 per cent over the last 12 months.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research. Access a Zacks inventory on DRI at https://www.zacks.com/ap/DRI