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

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.

GUIDANCE:

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.

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