DineEquity, Inc. (DIN: Quote) posted first quarter net income available to common shareholders of $29.88 million or $1.64 per share versus $28.06 million or $1.53 per share a year ago.
Adjusted earnings per share were $1.36, down from $1.42 a year earlier. The decrease in adjusted earnings was due to a higher income tax rate and lower segment profit driven by the execution of the company's strategy to refranchise Applebee's company-operated restaurants, partially offset by lower cash interest expense.
On average, 6 analysts polled by Thomson Reuters expected the company to report earnings of $1.26 per share. Analysts' estimates typically exclude special items.
Total segment revenues were down to $245.58 million from last year's $300.2 million. Analysts expected revenues of $253.29 million.
Applebee's domestic system-wide same-restaurant sales increased 1.2%. IHOP domestic system-wide same-restaurant sales decreased 0.5% for the quarter.
The company continues to expect 2012 Applebee's domestic system-wide same-restaurant sales performance to range between 0.5% and 2.5%. IHOP's domestic system-wide same-restaurant sales performance is still projected to range between negative 1.5% and positive 1.5%.
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by RTT Staff Writer
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