Shares of Darden Restaurants jumped Tuesday after the company posted better-than-expected fiscal fourth-quarter earnings.
The company said it earned $1.18 per share on revenue of $1.94 billion. Analysts had expected earnings per share of $1.15 on revenue of $1.87 billion, according to Thomson Reuters.
In premarket trading, Darden shares were up 2.3 percent. At one point they had gained 4.3 percent.
For the year, the company reported earnings per share of $3.80 on revenue of $7.17 billion. This figure falls just shy of the forecast that Darden gave for 2017 last quarter. The company had called for earnings per share to range from $3.95 to $4 for the year.
“Our strong fourth-quarter results wrapped up a solid year of performance,” CEO Gene Lee said in a statement. “We continue to improve execution in our restaurants by relentlessly focusing on food, service, and atmosphere. Our strategy is helping to build guest loyalty, drive improved financial results and grow shareholder value.”
Heading into 2018, Darden expects full-year earnings in the range of $4.38 to $4.50 per share. The company noted that this figure excludes any expenses related to the integration of Cheddar’s Scratch Kitchen into its portfolio. Darden announced the acquisition in March.
Darden saw same-store sales, a key metric of stores open at least a year, rise 3.3 percent in the fourth quarter, well-above Wall Street’s estimate of 2.4 percent.