Market Updates
U.S. Movers: Accenture, Darden Restaurants, Trump Media
Scott Peters
20 Jun, 2024
New York City
Darden Restaurants gained 1.4% to $154.04, and the parent company of Olive Garden reported revenue of $2.96 billion and adjusted earnings per share of $2.65, slightly ahead of market expectations.
Net earnings in the fiscal fourth quarter ending in May decreased to #308.1 million from $315.1 million, and diluted earnings per share fell to $2.57 from $2.58 a year ago.
Total sales increased 6.8%, driven by sales from the addition of 80 company-owned Ruth's Chris Steak House restaurants and 37 other net new restaurants in the quarter.
During the quarter, the company repurchased approximately 600,000 shares of its common stock for a total of approximately $97.3 million.
As of the end of the fiscal fourth quarter, the company had approximately $915 million remaining under the current $1 billion repurchase authorization.
However, consolidated same-store sales declined for the second quarter in a row, and fine dining sales fell 2.6%.
Accenture soared 7.2% to $305.86, and the company reported weaker-than-expected quarterly results but added that it won $900 million in new generative artificial intelligence-related contracts.
Trump Media & Technology declined 11.6% to $27.67, and the company said its registration of additional shares was declared effective by the Securities and Exchange Commission, allowing the company to sell shares and warrants and raise as much as $247 million.
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