Stock Monitor: Jamba Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 12, 2018 / If you want access to our free earnings report on Darden Restaurants, Inc. (NYSE: DRI) ("Darden"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DRI. The Company released its financial results, on June 21, 2018, for the fourth quarter of the fiscal year 2018 (Q4 FY18) and for the full fiscal year 2018 (FY18). The Company reported a y-o-y growth of 10.3% in its quarterly sales, whereas its adjusted diluted earnings per share (EPS) from continuing operations rose 17.8% y-o-y during the reported quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Darden reported total sales of $2.13 billion in Q4 FY18, which were higher than the $1.93 billion recorded in Q4 FY17. Moreover, the Company's total revenue numbers for the reported quarter topped market forecasts of $2.12 billion.
The multi-brand restaurateur's earnings from continuing operations surged to $175.4 million, or $1.40 per diluted share, in Q4 FY18 from $125.4 million, or $0.99 per diluted share, in Q4 FY17. The Company's adjusted earnings from continuing operations stood at $174.2 million, or $1.39 per diluted share, in Q4 FY18 compared to $148.8 million, or $1.18 per diluted share, in Q4 FY17. Furthermore, the Company's adjusted earnings from continuing operations outperformed market expectations of $1.35 per diluted share in the reported quarter.
During the full fiscal year FY18, the Orlando, Florida-based Company's total sales rose 12.7% to $8.08 billion from $7.17 billion in FY17. The Company's earnings from continuing operations came in at $603.8 million, or $4.79 per diluted share, in FY18 compared to $482.5 million, or $3.83 per diluted share, in FY17. Moreover, the Company's adjusted earnings from continuing operations grew to $606.2 million, or $4.81 per diluted share, in FY18 from $506.3 million, or $4.02 per diluted share, in FY17.
During the reported quarter, the Company recorded total operating costs and expenses of $1.90 billion, which came in above $1.76 billion in the prior year's same quarter. The Company's operating income improved to $230.0 million in Q4 FY18 from $170.2 million in Q4 FY17. Additionally, the Company's adjusted earnings before interest and taxes (EBIT) came in at $218.9 million in Q4 FY18 compared to $194.1 million in Q4 FY17.
Darden's Olive Garden segment's sales improved 4.0% to $1.07 billion in Q4 FY18 from $1.03 billion in the previous year's comparable quarter. During the reported quarter, the segment's US same-restaurant sales growth was 2.4%. Furthermore, the segment reported a profit of $226.3 million in Q4 FY18 compared to $204.3 million in Q4 FY17.
During Q4 FY18, Darden's LongHorn Steakhouse segment reported total sales of $458.2 million compared to $436.6 million in the last year's corresponding quarter. The segment's US same-restaurant sales growth was 2.4% in the reported quarter. Additionally, the segment's profit also improved 4.4% to $87.1 million in Q4 FY18 from $83.4 million in Q4 FY17.
Darden's Fine Dining segment's total sales came in at $147.3 million in Q4 FY18, rising 5.9% from $139.1 million in the previous year's same quarter. Furthermore, the segment's profit grew 7.0% to $30.4 million y-o-y in Q4 FY18 from $28.4 million in Q4 FY17.
For the reported period, the Company's total sales from other businesses were $460.7 million versus $331.6 million in the previous year's comparable quarter. The segment's profit was $72.5 million during Q4 FY18 compared to $57.8 million in Q4 FY17.
Cash Matters and Balance Sheet
During the full fiscal year ended May 27, 2018, the Company's net cash provided by operating activities from continuing operations was $1.02 billion compared to $916.3 million in the year ago. Darden had cash and cash equivalents worth $146.9 million at the close of its books on May 27, 2018, versus $233.1 million as on May 28, 2017. The Company's long-term debt stood at $926.5 million as on May 27, 2018, compared to $936.6 million as on May 28, 2017.
Dividend and Share Repurchase
On June 20, 2018, Darden's Board of Directors hiked the regular quarterly cash dividend by 19% to $0.75 per common share. The dividend will be paid on August 01, 2018, to all shareholders of record as of the close of business on July 10, 2018.
During Q4 FY18, the Company repurchased approximately 0.3 million shares of its common stock for a total cost of approximately $27 million. Furthermore, the Company has approximately $500 million remaining under its current repurchase authorization.
In its outlook for the full fiscal year 2019, the Company expects its diluted net earnings per share to be in the range of $5.40 to $5.56. The Company's same-restaurant sales growth is anticipated to be in the band of 1.0% to 2.0%, while its total sales growth is forecasted to be between 4.0% and 5.0% for FY19. Moreover, the Company expects to open 45 to 50 new restaurants during FY19.
Stock Performance Snapshot
July 11, 2018 - At Wednesday's closing bell, Darden Restaurants' stock marginally rose 0.60%, ending the trading session at $110.46.
Volume traded for the day: 1.77 million shares, which was above the 3-month average volume of 1.71 million shares.
Stock performance in the last month - up 19.66%; previous three-month period - up 27.70%; past twelve-month period - up 23.70%; and year-to-date - up 15.04%
After yesterday's close, Darden Restaurants' market cap was at $13.65 billion.
Price to Earnings (P/E) ratio was at 26.43.
The stock has a dividend yield of 2.72%.
The stock is part of the Services sector, categorized under the Restaurants industry.
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