Tax Reform Drives Fiscal 2018 EPS Upside and Unlocks Future Free Cash Flow Flexibility at Darden
Ahead of its presentation at the 2018 ICR Conference, Darden provided a preliminary outlook for the impact of tax reform, including a revaluation of deferred tax assets and deferred tax liabilities item (management expects to record noncash net tax benefits of approximately $70 million, or approximately $0.56 per diluted share) and a lower corporate tax rate (expected to bring the firm's fiscal 2018 effective tax rate to 18% from 25%). However, not all of the benefit will directly fall to the bo...Darden Restaurants is a restaurant company. The company owns and operates restaurants through subsidiaries in the U.S. and Canada under the Olive Garden?, LongHorn Steakhouse?, Cheddar's Scratch Kitchen?, Yard House?, The Capital Grille?, Seasons 52?, Bahama Breeze?, and Eddie V's Prime Seafood? trademarks. The company has four reportable segments: Olive Garden; LongHorn Steakhouse; Fine Dining (which includes The Capital Grille and Eddie V's); and Other Business (which includes Cheddar's Scratch Kitchen, Yard House, Seasons 52, Bahama Breeze and results from its franchise operations).
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