Darden Restaurants Inc. (DRI) on Tuesday reported fiscal third-quarter earnings of $105.9 million.
On a per-share basis, the Orlando, Florida-based company said it had net income of 82 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to $1.21 per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.
The owner of Olive Garden and other chain restaurants posted revenue of $1.85 billion in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $1.84 billion.
Darden Restaurants expects full-year earnings in the range of $3.48 to $3.52 per share.
Darden Restaurants shares have risen nearly 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 1 percent. The stock has declined slightly in the last 12 months.
Republished with permission of the Associated Press.