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Darden Restaurants Inc (NYSE:DRI) shares are trading higher Thursday after the company announced better-than-expected first-quarter fiscal 2022 financial results and an additional $750 million share repurchase authorization.
Darden Restaurants reported quarterly earnings of $1.76 per share, which beat the estimate of $1.65 per share. The company reported quarterly revenue of $2.31 billion, which beat the estimate of $2.24 billion, representing a 51% increase year-over-year.
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The company said the revenue increase was partially driven by the addition of 34 new restaurants.
Darden Restaurants expects fiscal year 2022 revenue to be in a range of $9.4 billion to $9.6 billion versus the estimate of $9.41 billion.
The company declared a quarterly cash dividend of $1.10 per share and authorized a $750 million buyback on top of the existing $500 million buyback.
"Regardless of the operating environment, our unwavering commitment to our strategy ensures we stay focused on what we do best: providing exceptional guest experiences," said Gene Lee, chairman and CEO of Darden Restaurants.
Darden Restaurants maintains a portfolio of eight restaurant chains: Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Eddie V's and Bahama Breeze.
DRI Price Action: Darden Restaurants is making new all-time highs in trading today.
The stock was up 6.4% at $159.94 at time of publication.
Photo: Mike Mozart from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.