5 Stocks in Focus After Posting Their Earnings Reports

4. Darden Restaurants, Inc. (NYSE:DRI)

Number of Hedge Fund Holders: 30

Darden Restaurants, Inc. (NYSE:DRI) recently announced disappointing financial results for its fiscal third quarter. The Orlando-based restaurant operator earned $1.93 per share, compared to 98 cents per share in the same period last year.

Revenue for the quarter jumped 41.3 percent on a year-over-year basis to $2.45 billion. However, analysts were expecting Darden Restaurants, Inc. (NYSE:DRI) to post earnings of $2.10 per share on revenue of $2.51 billion.

Darden Restaurants, Inc. (NYSE:DRI) also cut the profit outlook for its fiscal 2022. The company is now looking for earnings in the range of $7.30 – $7.45 per share, compared to its previous forecast of $7.35 – $7.60 per share.

Commenting on the results, CEO Gene Lee said:

“This was a quarter of stark contrasts and I’m pleased with our performance in this highly volatile environment. It began with record sales in December. However, the Omicron variant significantly impacted guest demand, restaurant staffing and operating expenses in January.”