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Darden Restaurants profit misses consensus by 15.9% in fiscal Q2

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Darden Restaurants profit misses consensus by 15.9% in fiscal Q2

Darden Restaurants Inc. said its normalized net income for the fiscal second quarter ended Nov. 27, 2016, amounted to 54 cents per share, compared with the S&P Capital IQ consensus estimate of 64 cents per share.

EPS climbed 64.5% year over year from 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $66.9 million, an increase of 58.2% from $42.3 million in the prior-year period.

The normalized profit margin rose to 4.1% from 2.6% in the year-earlier period.

Total revenue climbed year over year to $1.64 billion from $1.61 billion, and total operating expenses totaled $1.53 billion, compared with $1.52 billion in the prior-year period.

Reported net income rose 167.6% from the prior-year period to $79.9 million, or 64 cents per share, from $29.9 million, or 23 cents per share.