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Darden Restaurants fiscal Q3 profit climbs 70.4% YOY

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Darden Restaurants fiscal Q3 profit climbs 70.4% YOY

Darden Restaurants Inc. said its normalized net income for the fiscal third quarter ended Feb. 22 came to 75 cents per share, compared with the S&P Capital IQ consensus estimate of 84 cents per share.

EPS rose 79.2% year over year from 42 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $95.1 million, an increase of 70.4% from $55.8 million in the prior-year period.

The normalized profit margin rose to 5.4% from 3.4% in the year-earlier period.

Total revenue grew 6.9% year over year to $1.73 billion from $1.62 billion, and total operating expenses climbed on an annual basis to $1.56 billion from $1.50 billion.

Reported net income rose 47.8% from the prior-year period to $128.2 million, or $1.01 per share, from $86.7 million, or 65 cents per share.