Darden Beats the Street With 3Q Profit of $66.2M

ORLANDO- Darden Restaurants Inc., which bills itself as North America’s largest casual seafood restaurant chain, posted record third-quarter profits of $66.2 million or 54 cents per share on revenue of $1.1 billion. That performance topped the 47 cents to 52 cents per share Wall Street analysts had predicted for the locally based company.

In last year’s fiscal third quarter, Darden’s earnings after tax were $49.5 million or 40 cents per diluted share on sales of $988.6 million. The company’s quarter ended Feb. 24.

At the same time the company was announcing third-quarter results, Darden directors also approved a three-for-two stock split in the form of a 50% stock dividend to holders of record on April 10 and payable May 1. Cash will be paid in lieu of fractional shares.