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Sep 30, 2024
Dine Brands Q3 2024 Earnings Report
Dine Brands experienced a decline in revenue due to negative comparable same-restaurant sales growth at Applebee's and IHOP, offset by an increase in the number of effective franchise restaurants and proprietary product sales at IHOP.
Key Takeaways
Dine Brands Global, Inc. reported a decrease in total revenues for Q3 2024, primarily due to negative comparable same-restaurant sales growth at Applebee’s and IHOP. Despite the revenue decline, the company's adjusted EBITDA increased slightly, and GAAP net income available to common stockholders also increased.
Total revenues for the third quarter of 2024 were $195.0 million, compared to $202.6 million for the third quarter of 2023.
Applebee’s domestic comparable same-restaurant sales decreased by 5.9% for the third quarter of 2024.
IHOP’s domestic comparable same-restaurant sales decreased by 2.1% for the third quarter of 2024.
Adjusted earnings per diluted share was $1.44 for the third quarter of 2024, compared to $1.46 for the third quarter of 2023.
Revenue by Segment
Forward Guidance
Dine Brands updated its financial performance guidance for 2024.
Positive Outlook
- 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 for Applebee’s franchisees is between 25 and 35 net fewer restaurants.
- 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.
Challenges Ahead
- G&A expenses are expected to range between approximately $195 million and $200 million (versus between $200 million and $205 million previously).
- This total includes non-cash stock-based compensation expense and depreciation of approximately $35 million.
- Applebee’s domestic system-wide comparable same-restaurant sales performance is expected to range between negative 4% and negative 2%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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