Dine Brands Global, Inc. (DIN), a restaurant franchise company, Wednesday reported higher earnings for the fourth quarter, compared to the prior year. Earnings results beat the Street view. However, revenues decreased.
Dine Brands shares are trading around 6 percent in pre-market activity.
Further, the company provided its outlook for fiscal 2024.
Quarterly earnings increased to $32.3 million or $2.14 per share from $11 million or $0.72 per share in the last year, on an income tax benefit resulting from the conclusion of a state income tax audit settlement and a decrease in the general and administration expenses.
Excluding items, earnings were $21.1 million or $1.40 per share compared with $20.6 million or $1.34 per share in the previous year.
On average, ten analysts polled by Thomson Reuters expect earnings of $1.15 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues decreased to $206.3 million from $208 million in the prior year, on refranchising of the 69 company-operated Applebee's units in October 2022 along with negative comparable same-restaurant sales growth at Applebee's.
The Street view for revenue is $206.14 million.
Looking forward to the full year, the company expects adjusted EBITDA to range around $255 million to $265 million.
Additionally, the company declared a quarterly dividend of $0.51 per share to be paid on April 5, to shareholders of record as on March 20.
In pre-market activity, Dine Brands shares are trading at $49, up 6.13% on the Nasdaq.
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