Darden Restaurants (DRI) Tops Q2 EPS by 5c, Offers FY Guidance

Darden Restaurants (NYSE: DRI) reported Q2 EPS of $1.12, $0.05 better than the analyst estimate of $1.07. Revenue for the quarter came in at $2.06 billion versus the consensus estimate of $2.06 billion.

GUIDANCE:

Darden Restaurants sees FY2020 EPS of $6.30-$6.45, versus the consensus of $6.40.

• Total sales growth of 5.3% to 6.3%, including approximately 2% growth related to the 53rd week
• Same-restaurant sales growth of 1% to 2%
• Approximately 50 gross and 44 net new restaurant openings
• Total capital spending of $450 to $500 million
• Total inflation of approximately 2.5%
• Effective tax rate of 10% to 11%
• Adjusted diluted net earnings per share from continuing operations of $6.30 to $6.45 including*:
• Approximately $0.15 related to the addition of the 53rd week
• Approximately -$0.05 related to the implementation of ASC-842 Lease Accounting
• Approximately 124 million weighted average diluted shares outstanding

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

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