Darden Restaurants (DRI) Tops Q1 EPS by 6c; Boosts FY17 EPS Outlook; $500M Stock Buyback Approved

October 4, 2016 7:06 AM EDT
Get Alerts DRI Hot Sheet
Trade DRI Now!
Join SI Premium – FREE

Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.

Darden Restaurants (NYSE: DRI) reported Q1 EPS of $0.88, $0.06 better than the analyst estimate of $0.82. Revenue for the quarter came in at $1.71 billion versus the consensus estimate of $1.72 billion.

Same-restaurant sales increased 1.3% for the quarter.

Stock Buyback News:

During the quarter, the Company repurchased approximately 3.2 million shares of its common stock for a total cost of approximately $196 million. An additional $4 million in shares were repurchased subsequent to the close of the first quarter, for a total of $200 million in shares repurchased year-to-date. In addition, Darden's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $500 million of its outstanding common stock. This repurchase program does not have an expiration and replaces the previously existing share repurchase authorization.


Darden Restaurants sees FY2017 EPS of $3.87-$3.97, versus prior guidance of $3.80-$3.90.

For earnings history and earnings-related data on Darden Restaurants (DRI) click here.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Earnings, Guidance, Hot Guidance, Retail Sales, Stock Buybacks

Related Entities

Stock Buyback, Earnings

Add Your Comment