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Darden Restaurants fiscal Q3 profit climbs 5.9% YOY

Darden Restaurants Inc. said its normalized net income for the fiscal third quarter ended Feb. 26 amounted to $1.09 per share, compared with the S&P Capital IQ consensus estimate of $1.27 per share.

EPS rose 8.8% year over year from $1.00.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $137.2 million, an increase of 5.9% from $129.6 million in the prior-year period.

The normalized profit margin rose to 7.3% from 7.0% in the year-earlier period.

Total revenue grew year over year to $1.88 billion from $1.85 billion, and total operating expenses increased year over year to $1.65 billion from $1.63 billion.

Reported net income increased 52.9% year over year to $166.2 million, or $1.32 per share, from $108.7 million, or 84 cents per share.