WASHINGTON (dpa-AFX) - Darden Restaurants, Inc. (DRI), on Thursday reported its fourth quarter net income came in higher compared with the previous year. The company increased a quarterly cash dividend and announced a new share repurchase program of up to 1.5 billion.
For the fourth quarter, net income increased to $407.8 million from $304 million in the previous year.
Earnings per share were $3.54 versus $2.58 last year.
On the adjusted basis, net income increased to $421.6 million from $351.6 million in the same period a year ago.
Adjusted earnings per share were $3.66 versys $2.98 last year.
Operating income jumped to $516.8 million from $382.8 million in the prior year.
Sales increased to 3.72 billion from $3.27 billion in the previous year.
Further, the board declared a quarterly cash dividend of $1.62 per share, up 8% from the previous quarter.
The dividend will be paid on August 3 to shareholders of record as of July 10.
On June 24, the board authorized a new share repurchase program of up to $1.5 billion, replacing the previous authorization.
Looking ahead, the company expects sales for the fiscal year 2027 to be around $13.60 billion to $13.75 billion.
Earnings per share is expected to be around $11.10 to $11.35 with EBITDA of $2.26 to $2.29 billion.
In the pre-market trading, Darden Restaurants is 3.47% lesser at $206.10 on the New York Stock Exchange.
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