Earnings Review and Free Research Report: Darden Restaurants Adj - Erie News Now | WICU & WSEE in Erie, PA

Earnings Review and Free Research Report: Darden Restaurants Adjusted EPS Increased 12.5%

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LONDON, UK / ACCESSWIRE / October 6, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Darden Restaurants, Inc. (NYSE: DRI) (“Darden”), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=DRI, following the Company’s posting of its financial results on September 26, 2017, for the third quarter fiscal 2017. The restaurant Company’s revenue increased 13.4% on a y-o-y basis and beat market estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on DRI. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

For three months ended August 27, 2017, Darden’s revenue increased 13.4% to $1.94 billion from $1.71 billion in Q1 FY17. Revenue surpassed analysts’ expectations of $1.93 billion.

During Q1 FY18, Darden’s general and administrative (G&A) expenses increased 11.7% to $98.0 million from $87.7 million in Q1 FY17. For the reported quarter, the Company’s depreciation and amortization (D&A) expenses increased 13.9% to $76.1 million from $66.8 million in Q1 FY17. During Q1 FY18, Darden’s marketing expenses increased 3.6% to $66.0 million from $63.7 million in Q1 FY17. For the reported quarter, the Company’s total operating costs and expenses increased 13.5% to $1.76 billion from $1.55 billion in Q1 FY17.

During Q1 FY18, Darden’s operating income increased 8.1% to $174.5 million from $161.3 million in Q1 FY17. For the reported quarter, the Company’s operating margin decreased 50 basis points to 8.9% of revenue from 9.4% of revenue in Q1 FY17.

During Q1 FY18, Darden’s net income increased 9.1% to $121.3 million on a y-o-y basis from $111.1 million in Q1 FY17. For the reported quarter, the Company’s adjusted net income increased 12.9% to $125.5 million on a y-o-y basis from $111.1 million in Q1 FY17. During Q1 FY18, Darden’s diluted EPS increased 7.9% to $0.95 on a y-o-y basis from diluted EPS of $0.88 in Q1 FY17. For the reported quarter, the Company’s adjusted diluted EPS increased 12.5% to $0.99 on a y-o-y basis from $0.88 in Q1 FY17. Adjusted diluted EPS surpassed analysts’ expectations of $0.98.

Darden Restaurants’ Segment Details

Olive Garden – During Q1 FY18, the Olive Garden segment’s revenue increased 3% to $989.9 million from $961.2 million in the same period last year. For the reported quarter, the segment’s profit increased 6.9% to $199.1 million from $186.3 million in Q1 FY17.

LongHorn Steakhouse – During Q1 FY18, the LongHorn Steakhouse segment’s revenue increased 4.7% to $404.5 million from $386.3 million in the same period last year. For the reported quarter, the segment’s profit increased 5.8% to $63.6 million from $60.1 million in Q1 FY17.

Fine Dining – During Q1 FY18, the Fine Dining segment’s revenue increased 7% to $122.2 million from $114.2 million in the same period last year. For the reported quarter, the segment’s profit increased 13.6% to $19.2 million from $16.9 million in Q1 FY17.

Other Business – During Q1 FY18, the Other Business segment’s revenue increased 66% to $419.5 million from $252.7 million in the same period last year. For the reported quarter, the segment’s profit increased 47.4% to $65.9 million from $44.7 million in Q1 FY17.

Balance Sheet

As on August 27, 2017, Darden’s cash and cash equivalents decreased 37% to $146.8 million from $233.1 million in Q4 FY17. During Q1 FY18, the Company’s net receivables decreased 24.1% to $57.6 million from $75.9 million in Q4 FY17.

For the reported quarter, the Company’s inventories decreased 1.4% to $176.3 million from $178.9 million in Q4 FY17.

For the reported quarter, the Company’s accounts payable increased 2.9% to $256.8 million from $249.5 million in Q4 FY17.

During Q1 FY18, Darden’s long-term debt was $936.6mbillion, at par with the $936.6 million reported in Q4 FY17.

During Q1 FY18, the Company’s cash provided by operating activities increased 3.6% to $179.4 million from $173.1 million in the same period last year.

During Q1 FY18, the Company repurchased 1.2 million shares of common stock for a total cost of $100 million.

On September 21, 2017, the Company’s Board of Directors declared cash dividend of $0.63 payable on November 01, 2017, to shareholders of record at the close of business on October 10, 2017.

Stock Performance

On Thursday, October 05, 2017, the stock closed the trading session at $79.72, slightly up 0.15% from its previous closing price of $79.60. A total volume of 1.63 million shares have exchanged hands. Darden Restaurants’ stock price surged 1.74% in the past one month and 29.50% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 9.63%. The stock is trading at a PE ratio of 20.84 and has a dividend yield of 3.16%. At Thursday’s closing price, the stock’s net capitalization stands at $10.02 billion.

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