Skip to main content

Market Overview

Why Darden Restaurants Stock Is Making New All-Time Highs Today

Share:
Why Darden Restaurants Stock Is Making New All-Time Highs Today

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.

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.

 

Related Articles (DRI)

View Comments and Join the Discussion!

Posted-In: Gene Lee why it's movingEarnings News Buybacks

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com