Benzinga
Published Mar 22, 2024 18:58
Updated Mar 22, 2024 20:10
Darden Restaurants Analysts Cut Their Forecasts After Q3 Results
Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Darden Restaurants Inc (NYSE: DRI) reported mixed results for its third quarter on Thursday.
Darden Restaurants reported third-quarter FY24 sales growth of 6.8% year-on-year to $2.975 billion, missing the analyst consensus estimate of $3.025 billion. Darden clocked an operating margin of 13%, and the operating income rose 10.7% Y/Y to $387.4 million. Adjusted EPS of $2.62 was in line with the consensus estimate, according to data from Benzinga Pro.
Darden currently sees FY24 adjusted EPS from continuing operations of $8.80-$8.90 (estimate $8.86), excluding approximately $0.35, after-tax, of Ruth’s Chris transaction and integration related costs. The company previously expected adjusted EPS from continuing operations of $8.75-$8.90, excluding the $0.37 costs.
The company sees FY24 total sales of $11.4 billion (prior view $11.5 billion) against an estimate of $11.506 billion. Darden expects FY24 same-restaurant sales growth of 1.5%-2% (previous outlook 2.5%-3.0%).
Darden shares rose 0.9% to trade at $164.75 on Friday.
These analysts made changes to their price targets on Darden following earnings announcement.
Latest Ratings for DRI
Dec 2021 | Stifel | Upgrades | Hold | Buy |
Dec 2021 | Stephens & Co. | Maintains | Overweight | |
Dec 2021 | MKM Partners | Maintains | Buy |
View the Latest Analyst Ratings
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