12:41 PM EDT, 03/21/2024 (MT Newswires) -- (Updates with Thursday's stock price movement in the headline and first paragraph.)

Darden Restaurants ( DRI ) shares were 6% lower in recent Thursday trading after the company reported fiscal Q3 adjusted net earnings from continuing operations of $2.62 per diluted share, up from $2.34 a year earlier.

Analysts polled by Capital IQ expected $2.62.

Sales for the quarter ended Feb. 25 was $2.97 billion, up from $2.79 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.03 billion.

The restaurant chain operator said it now expects fiscal 2024 adjusted earnings from continuing operations of $8.80 to $8.90 per diluted share, compared with its previous guidance of $8.75 to $8.90. Analysts polled by Capital IQ expect $8.86.

Total sales for the fiscal year are now expected at $11.4 billion, down from its earlier outlook of $11.5 billion. Analysts surveyed by Capital IQ expect $11.47 billion.

Darden maintained its quarterly dividend at $1.31 per share, payable May 1 to shareholders of record as of April 10.

The company said its board approved a new $1 billion share buyback plan, which replaces its existing plan and has no expiration date.

Price: 163.92, Change: -10.67, Percent Change: -6.11