ORLANDO, Fla. — Darden Restaurants Inc. (DRI) on Tuesday reported fiscal first-quarter net income of $110.2 million.
The Orlando, Florida-based company said it had net income of 87 cents per share. Earnings, adjusted to account for discontinued operations, were 88 cents per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
The owner of Olive Garden and other chain restaurants posted revenue of $1.71 billion in the period, missing Street forecasts. Ten analysts surveyed by Zacks expected $1.72 billion.
Darden Restaurants expects full-year earnings to be $3.87 to $3.97 per share.
Darden Restaurants shares have decreased almost 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 6 percent.
Keywords: Darden Restaurants, Earnings Report