Darden Restaurants Guides Q4 Above View; Declares Qtly Dividend - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Thursday, Darden Restaurants, Inc. (DRI) provided earnings and sales guidance for the fourth quarter.

For the fourth quarter, the company now projects net earnings from continuing operations in a range of $1.60 to $1.70 per share on total sales of about $2.1 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.24 per share on total sales of $1.95 billion for the quarter. Analysts' estimates typically exclude special items.

The Company anticipates opening 33 net new restaurants and total capital spending between $285 and $295 million for the full fiscal year.

Darden's Board of Directors also declared a regular quarterly cash dividend of $0.88 per share on the Company's outstanding common stock, payable on May 3, 2021 to shareholders of record at the close of business on April 9, 2021.

Further, Darden's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $500 million of its outstanding common stock. This repurchase program does not have an expiration and replaces the previously existing share repurchase authorization.