Restaurant company, Darden Restaurants, Inc.(DRI) reported a plunge in quarterly profits on Wednesday, missing analysts estimates.
The Orlando, FL based company reported second quarter profits of $33.6 million, or 26 cents per share, down 60% from $53.7 million, or 40 cents a share last year. Analysts expected to see earnings of 27 cents per share.
The company reported revenue of $1.96 billion for the quarter, up 6% from last years revenue of $1.83 billion. Analysts expected to see revenue of $1.96 billion.
Looking ahead, the company expects full year 2013 earnings to be the the range of $3.29 to $3.49. Analysts are expecting FY2013 EPS of $3.42.
Darden Restaurants shares were mostly flat during premarket trading Thursday. The stock is up 2.7% YTD.
The Bottom Line
Shares of Darden Restaurants (DRI) have a 4.27% dividend yield, based on last night’s closing stock price of $46.81. The stock has technical support in the $43-$44 price area. If the shares can firm up, we see overhead resistance around the $49-$50 price levels.
Darden Restaurants, Inc.(DRI) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here