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Jun 30, 2024
Dine Brands Q2 2024 Earnings Report
Dine Brands' Q2 2024 performance reflected a decrease in total revenues due to negative comparable same-restaurant sales growth at Applebee’s and IHOP, offset by increases in franchise restaurants and IHOP's proprietary product sales. The company revised its financial guidance for the remainder of the fiscal year to reflect current macro conditions.
Key Takeaways
Dine Brands Global, Inc. reported a decrease in total revenues for Q2 2024, primarily due to negative comparable same-restaurant sales growth at Applebee’s and IHOP. Despite these challenges, the company remains confident in its strategies around profitable promotions, menu innovation, and development to manage short-term difficulties and position for long-term growth. The company is revising its financial guidance for the remainder of the fiscal year to reflect the current macro conditions.
Total revenues for the second quarter of 2024 were $206.3 million, compared to $208.4 million for the second quarter of 2023.
GAAP net income available to common stockholders was $22.5 million, or earnings per diluted share of $1.50, for the second quarter of 2024, compared to $17.8 million, or earnings per diluted share of $1.16 for the second quarter of 2023.
Adjusted net income available to common stockholders was $25.6 million, or adjusted earnings per diluted share of $1.71, for the second quarter of 2024, compared to $27.8 million, or adjusted earnings per diluted share of $1.82, for the second quarter of 2023.
Consolidated adjusted EBITDA for the second quarter of 2024 was $67.0 million, compared to $67.3 million for the second quarter of 2023.
Revenue by Segment
Forward Guidance
Dine Brands revised its fiscal year 2024 guidance, reducing expectations for Applebee’s and IHOP domestic system-wide comparable same-restaurant sales performance, IHOP's domestic development activity, and consolidated adjusted EBITDA. G&A expenses guidance was narrowed, and gross capital expenditures were reduced.
Challenges Ahead
- Applebee’s domestic system-wide comparable same-restaurant sales performance is expected to range between negative 4% and negative 2%.
- IHOP’s domestic system-wide comparable same-restaurant sales performance is expected to range between negative 2% and 0%.
- Domestic development activity by IHOP franchisees and area licensees is expected to be between 0 and 10 net new openings.
- Consolidated adjusted EBITDA is expected to range between approximately $245 million and $255 million.
- Gross capital expenditures are expected to range between approximately $14 million and $16 million.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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