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Applebee's, IHOP Parent DineEquity Results Beat, Shares Soar

Source: Reuters

July 30 - DineEquity Inc, the owner of Applebee's and IHOP restaurants, on Tuesday reported second-quarter profit that handily beat Wall Street's view on better-than-expected sales at established restaurants.

Shares jumped over 8 percent.

Net income was $16.6 million, or 87 cents per share, compared with $15.9 million, or 88 cents per share, a year earlier.

Excluding items, the company earned $1.02 per share, topping analysts' average estimate by 10 cents per share, according to Thomson Reuters I/B/E/S.

Closely watched same-restaurant sales were up 1.9 percent at IHOP and up 1.3 percent at Applebee's. Eight analysts polled by Consensus Metrix had expected a 0.8 percent fall at IHOP and a 0.5 percent rise at Applebees.

Shares in DineEquity were up $5.29 to $70.67 in morning trading.

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