Darden Restaurants Inc. reported better-than-expected Q1 earnings, shares up

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Darden Restaurants Inc. (NYSE:DRI) reported strong earnings for the first quarter and also lifted its profit outlook for the full-year. Its shares rose nearly 2 percent in the mid-day trading on Tuesday following the results.

The Orlando, Florida-based company said that it earned $110.2 million, or 87 cents a share in the quarter ended Aug. 28, up from $86.4 million, or 67 cents a share in the same period last year. On an adjusted basis, profit was 88 cents a share that surpassed consensus forecast of 82 cents.

Revenue came in at $1.71 billion for the quarter, as compared to $1.69 billion in the year-earlier quarter, and slightly below analysts’ estimate of $1.72 billion.

Looking forward, Darden now expect earnings in a range of $3.87 a share to $3.97 a share for fiscal 2017, above its previous forecast in between $3.80-$3.90 a share. Analysts surveyed by FactSet had projected earnings of $3.87 a share.

Darden stock has plummeted about 9 percent over the past year. The 52-week range of the stock is $53.38-$68.68. The company’s market cap is $7.74 billion and P/E ratio is 22.35.

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