UPDATE 2-Darden profit tops view; FY2010 outlook disappoints

* Q4 adj EPS $0.90 vs $0.86 Street view

* Forecasts 2010 EPS of $2.59-$2.85 vs Street view $2.88

* Shares fall 3 percent after hours (Adds outlook, analyst comment, byline; updates share price)

By Lisa Baertlein

LOS ANGELES, June 23 (Reuters) - Darden Restaurants Inc (DRI.N), operator of chains such as Red Lobster and Olive Garden, on Tuesday posted higher-than-expected earnings, but gave a fiscal year profit forecast below analysts' estimates.

"We're assuming that the economic and industry weakness we've experienced over the past six months will continue through all of our fiscal 2010," Darden Chief Executive Clarence Otis said in a statement."

Shares of Darden, viewed by analysts as one of the restaurant industry's best-operated companies, slipped 3 percent to $32 in after-hours trading, from a close on the New York Stock Exchange at $33.

Darden, which also owns Capital Grille and LongHorn Steakhouse, said earnings from continued operations came to $122.8 million, or 87 cents per share, for the fiscal fourth quarter ended May 31, compared with earnings of $103.3 million, or 72 cents per share, a year earlier.

Excluding estimated integration costs and purchase accounting adjustments of about 3 cents, Darden earned 90 cents per share. Analysts, on average, were looking for a profit of 86 cents per share, according to Reuters Estimates.