Shares of Darden Restaurants (DRI) - Get Report fell on Thursday after the operator of Olive Garden, Longhorn Steakhouse and Cheddar's Scratch Chicken restaurant chains reported fiscal fourth-quarter earnings that missed analysts' forecasts.
Shares of Darden dropped nearly 4% in early trading on Thursday after the Orlando-based company said it earned $208 million, or $1.67 an adjusted share, vs. $174.5 million, or $1.41 an adjusted share, a year earlier. Sales rose to $2.23 billion from $2.13 billion.
Analysts polled by FactSet had been expecting adjusted net income of $215.5 million, or $1.73 a share, on sales of $2.2 billion.
For the full year, Darden said it earned $713.4 million, or $5.69 an adjusted share, vs. $596 million, or $4.73 an adjusted share, a year earlier. Sales came in at $8.5 billion vs. $8.1 billion. Analysts polled by FactSet had been expecting per-share earnings of $5.79.
Darden also provided an updated fiscal 2020 outlook, saying it now expects adjusted earnings of between $6.30 and $6.45 a share, roughly in line with the $6.46 a share currently forecast by analysts surveyed by FactSet.
Separately, Darden said it was boosting its quarterly dividend to 88 cents a share, payable on Aug. 1 to shareholders of record on July 10.
Shares of Darden were down 3.91%, or $4.60, at $112.90 in early trading on Thursday.
Save 57% with our July 4 Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor! Click here to sign up!