John Greenough
- Darden Restaurants beat on both the top and bottom lines.
- The restaurant owner raised its full-year profit guidance.
- Shares are up more than 3% early Thursday.
- Watch Darden Restaurants trade in real time here.
Shares of Darden Restaurants, the owner of many US restaurant brands such as Olive Garden, jumped 3%ahead of Thursday's opening bell after reporting quarterly results that beat on both the top and bottom lines and raising its full-year profit guidance.
The multi-brand restaurant operator earned an adjusted $1.34 per share for its first quarter, topping the $1.24 that analysts surveyed by Bloomberg were expecting. Total sales increased 6.5% versus a year ago to $2.06 billion, edging out the $2.03 billion that was anticipated. Meanwhile, comparable sales were up 3.3%, beating the 2.1% increase that was expected by analysts.
"We are pleased to report another quarter of strong results and market share gains," CEO Gene Lee said in the press release. "Our competitive advantages continue to work hard for us, allowing us to invest in our people and brands to deliver exceptional guest experiences."
Looking ahead, the company lifted its full-year profit guidance to between $5.52 and $5.65 per diluted share, up from its previous estimate of $5.40-$5.56. Analysts surveyed by the Bloomberg were expecting $5.56 per share. The company also estimates the full-year total sales to be $8.46 billion, topping the $8.44 billion that was expected.
Darden Restaurants is up 28% this year through Wednesday.
Now read:
NOW WATCH: An aerospace company reintroduced its precision helicopter with two crossing motors
See Also:
- Share your opinion – Become a BI Insider today!
- We drove a $63,000 Ford Raptor and a $58,000 Chevy Silverado Z71 to see which pickup truck we liked better — and the winner was clear
- We shopped at Dollar Tree and Dollar General to see which offered a better shopping experience, and the winner was unmistakable
