Darden Restaurants Issues Q4 Guidance

(RTTNews) - Darden Restaurants, Inc. (DRI) said, for the fourth quarter, the company expects: total sales of approximately $2.1 billion; EBITDA between $345 to $360 million; and net earnings per share from continuing operations of $1.60 to $1.70.

Third quarter reported net earnings per share from continuing operations were $0.98 compared to reported net earnings per share of $1.90, prior year. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.69, for the quarter. Analysts' estimates typically exclude special items.

Third quarter total sales were $1.73 billion, a decrease of 26.1% driven by negative blended same-restaurant sales of 26.7%, partially offset by the addition of 10 net new restaurants. Analysts expected revenue of $1.63 billion, for the quarter.

Darden's Board authorized a new share repurchase program under which the company may repurchase up to $500 million of its outstanding common stock. The Board declared a quarterly cash dividend of $0.88 per share on outstanding common stock. The dividend is payable on May 3, 2021 to shareholders of record at the close of business on April 9, 2021.

Shares of Darden Restaurants were up more than 3% in pre-market trade on Thursday.