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Revenues

DRI

Darden Restaurants, Inc. reported a 9.7% increase in total sales to $2.7 billion for Q2 2024, with a 2.8% rise in blended same-restaurant sales. The growth was partly due to the addition of 78 Ruth's Chris Steak House locations and 45 other new restaurants. Olive Garden and LongHorn Steakhouse saw same-restaurant sales growth of 4.1% and 4.9%, respectively, while Fine Dining and Other Business segments experienced declines of 1.7% and 1.1%.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 12:09 pm

DRI

Darden Restaurants, Inc. (DRI) has updated its FY24 financial outlook, expecting total sales of approximately $11.5 billion, which is slightly below the estimated $11.57 billion. The company forecasts adjusted EPS of $8.75-$8.90, compared to the estimated $8.81. These projections include the operating results of Ruth's Chris but exclude about $55 million of pre-tax costs related to the acquisition. Other outlook details include same-restaurant sales growth of 2.5%-3.0%, 50-55 new restaurant openings, total capital spending of $600 million, total inflation of 3.0%-3.5%, an effective tax rate of 12%-12.5%, and approximately 121.0 million weighted average diluted shares outstanding.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 12:07 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) has released a report indicating that its Powerwall, when combined with solar power, is more cost-effective than traditional backup generators. The report suggests that users could save approximately $20 per month on electricity bills, leading to the system being up to 20% less expensive over a 10-year period. Tesla has increased Powerwall production to meet demand and is now focusing on generating new demand. The Powerwall has been part of significant renewable energy initiatives in Texas and Puerto Rico, contributing to energy generation and grid support.

Portfolio Pulse from Benzinga Neuro

December 15, 2023 | 11:13 am

VGK

The Eurozone Manufacturing Purchasing Managers Index (PMI) for December remained unchanged at 44.2, which is in line with the previous month's figure but below the estimated 44.6.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:00 am

GM

General Motors Co. (NYSE:GM) is laying off over 1,300 employees due to the end of production for the Chevrolet Camaro and Bolt at two Michigan plants. The Lake Orion plant will lay off 945 workers and retool for electric truck production, while the Lansing Grand River plant will lay off 369 workers but continue producing Cadillac models. The Bolt EV and EUV are GM's best-selling EVs, contributing significantly to last quarter's sales. GM withdrew its EV production targets during the third-quarter earnings call without setting new ones.

Portfolio Pulse from Anan Ashraf

December 15, 2023 | 8:21 am

EWQ

The France Harmonised Index of Consumer Prices (HICP) for November showed a month-on-month decrease of 0.2%, which is slightly better than the estimated 0.3% decrease, but lower than the previous month's 0.2% increase.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 7:47 am

FXI

China's Industrial Production for November increased by 6.6%, surpassing the estimated 5.6% and the previous 4.6%.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 5:52 am

PFE

Nona Biosciences has entered into an exclusive license agreement with Pfizer for the MSLN-targeted antibody-drug conjugate, HBM9033. Nona will receive up to $53 million in upfront and near-term payments, and could receive up to $1.05 billion in milestones, plus royalties. This partnership with Pfizer expands Nona's global collaborations and underscores its commitment to technology innovation in therapeutics development.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 11:37 pm

PAPL

Pineapple Financial has reported a 19% year-over-year decline in revenue for the fiscal year 2023.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 11:25 pm

SCHL

Scholastic Corporation (NASDAQ:SCHL) reported Q2 earnings of $2.45 per share, missing estimates of $2.65, and revenue of $562.60 million, below expectations of $625.22 million. The company's year-over-year revenue declined by 4%, but operating income increased slightly. Scholastic also announced an additional $66 million for share repurchases but lowered its full-year 2024 adjusted EBITDA and revenue forecasts. Shares fell 11.3% in after-hours trading.

Portfolio Pulse from Ryan Gustafson

December 14, 2023 | 9:46 pm