Darden Restaurants Inc., owner of Olive Garden and Longhorn Steak House reported an 11.8% increase in fourth-quarter net income and a stronger-than-expected fiscal 2024 outlook on Thursday, but its stock fell in premarket trades.

Darden’s , DRI, +0.36%, fourth-quarter profits increased from $281.7 millions, or $2.24 per share, to $315.1millions, or 2.58per share.

According to FactSet, the company exceeded Wall Street’s profit forecast of $2.54 per share.

The fourth-quarter revenue increased to $2.77 from $2.6 billion, matching analysts’ expectations.

“We had an excellent quarter that concluded a successful year, in which we exceeded or met our financial expectations despite a difficult operating environment,” said Rick Cardenas, Darden’s president and CEO.

Darden expects to earn $8.55 – $8.85 per share in fiscal 2024, which is higher than the analyst’s estimate of $7.96.

Darden also forecast fiscal 2024 revenues of $11.5 billion – $11.6 billion, which is ahead of Wall Street’s projection of $11.17 million.

The restaurant owner increased its quarterly dividend to $1.31 per share, an increase of 8%.

Darden’s stock fell 4.3% during premarket trading. Darden stock was down 4.3% in premarket trades.

The company acquired Ruth’s Chris Steak House in June. The company stated that integration costs related to the transaction will have a 34-cent impact on earnings per share in 2024.

The company said that former CEO and chairman Eugene I. Lee Jr. would retire from the company and not run for reelection in 2023.