Free Post Earnings Research Report: Darden's Q4 Sales and Adjusted EPS Rose to Beat Estimates
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:
www.active-investors.com/registration-sg
Active-Investors.com is currently working on the research report for Jamba, Inc. (NASDAQ: JMBA), which also belongs to the Services sector as the Company Darden Restaurants. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/?symbol=JMBA
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Darden Restaurants most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=DRI
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.
Operating Metrics
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.
Segment Results
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.
Outlook
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.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
SOURCE: Active-Investors
