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Sep 30, 2021
Dine Brands Q3 2021 Earnings Report
Dine Brands showcased a robust performance, outperforming competitors and exceeding pre-pandemic sales levels.
Key Takeaways
Dine Brands Global, Inc. reported a strong third quarter in 2021, with both IHOP and Applebee's outperforming their competitive sets and exceeding pre-pandemic sales levels. The company's asset-light business model and strategic investments drove system-wide sales growth and long-term sustainable growth.
Both IHOP and Applebee’s outperformed their competitive sets for the second consecutive quarter.
Average weekly sales for both brands exceeded 2019 pre-pandemic levels.
Consolidated adjusted EBITDA increased by 48% quarter-over-quarter.
The company declared a dividend for the fourth quarter of 2021 and announced intent to resume share repurchases.
Revenue by Segment
Forward Guidance
Dine Brands provided financial performance guidance for 2021, assuming no significant disruptions due to COVID-19 during the fourth quarter.
Positive Outlook
- General and administrative expenses for 2021 are expected to range between approximately $168 million and $178 million.
- Capital expenditures for 2021 are expected to be approximately $19 million, inclusive of approximately $7 million related to the company restaurants segment.
- Consolidated adjusted EBITDA is expected to range between approximately $245 million and $250 million.
- Company declared dividend for Q4 2021.
- Company announced intent to resume share repurchases.
Challenges Ahead
- Guidance assumes no significant disruptions to its business due to COVID-19 during the fourth quarter of fiscal 2021.
- The Company expects general and administrative expenses for 2021 to be near the high end of the range.
- Uncertainty regarding the duration and severity of the ongoing COVID-19 pandemic and its ultimate impact on the Company.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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