Categories AlphaGraphs, Consumer, Earnings

Darden Restaurants reports upbeat Q3 earnings, declares dividend

Olive Garden and LongHorn Steakhouse parent Darden Restaurants, Inc. (DRI) announced its third-quarter 2019 earnings results before the opening bell on Thursday, Mar. 21.

Total sales spiked 5.5% to $2.25 billion for the three-month period, due to 39 net new restaurants and a blended same-restaurant sales rise of 2.8%.

Net earnings from continuing operations in the quarter rose 3.4% to $1.80 per diluted share, or $225.1 million. Total net earnings were $223.6 million, or $1.79 per diluted share.

An infographic on Darden Restaurants' third quarter 2019 earnings results
Darden Restaurants Q3 2019 Earnings Infographic

According to Zacks Research, analysts expected quarterly earnings of $1.75 per share on revenues of about $2.24 billion.

NEW OUTLOOK FOR 2019, NEW DIVIDEND

In addition to the earnings results, Darden Restaurants board declared a regular quarterly dividend of $0.75 per share on the outstanding common stock.

READ: Conagra Brands Q3 earnings dip 33%

The cash dividend is payable on May 1, 2019 to shareholders on record at the close of business on April 10, 2019.

Total sales growth for fiscal 2019 is now expected to be about 5.5%, with same-restaurant sales growth at an estimated 2.5-2.7%. Darden is looking at an effective tax rate of approx. 10%, without earnings from continuing operations expected to be between $5.76 and $5.80 per diluted share.

 

 

Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top