Jul 06, 2021 (WallStreetPR via Comtex) -- Restaurant Brands International Inc. /zigman2/quotes/202094900/composite QSR +0.11% has released the results of its annual shareholder meeting voting on the election of directors. Total eligible votes present in person or through proxy were 403,132,197, representing around 87% of eligible voters. In addition, the company has offered a proxy for the 12 Board of Directors nominees. All 12 nominated individuals by the board have been elected until the next shareholder annual meeting or until successors are appointed.
Restaurant Brands International Inc. /zigman2/quotes/202094900/composite QSR +0.11% has been tipped for a recovery rally by UBS thanks to the increased consumer movement. In addition, the research firm sees several catalysts in place supporting the upside that includes a new Tim Hortons franchisee, which indicates that improved trends are coming through 2022. As a result, UBS gave Restaurant Brands International a Buy rating with a target price of $76.
Darden Restaurants Inc. /zigman2/quotes/200092615/composite DRI -1.01% has announced its fiscal Q4 and fiscal year ended May 30, 2021, financial results. Total sales in the quarter were $2.28 billion, a 79.5% increase driven primarily by a blend of same-restaurant sales growth of 90.4% and the inclusion of 30 net new restaurants. Net diluted earnings per share were $2.03, while adjusted diluted net EPS was $2.03.
CEO Gene Lee said that the company had a solid quarter that surpassed expectation as sales grew throughout the quarter. In addition, he said that he is proud of how the team welcomed additional guests back, creating memorable experiences.
For fiscal 2021 the company reported sales of $7.2 billion, a 7.8% YoY increase with diluted net earni9ngs per share of $4.31. In addition, the company declared a dividend of $1.1 per share for Q4, which is a 25% increase from Q3 2021. The dividend will be payable on August 2, 2021, to stockholders that will be on record as of July 9, 2021.
For fiscal 2022 Darden Restaurants expects to be running at full capacity for all restaurants and estimates sales of around $9.2 to $9.5 billion. In addition, the company expects to open 35-40 new restaurants over the year.
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