DineEquity Inc, the owner of Applebee's and IHOP restaurants, reported a better-than-expected adjusted quarterly profit as costs nearly halved due to franchising.The company also forecast full-year adjusted profit between $4.14 and $4.24 per share, above the average analyst estimate of $4 per share, saying it expected more diners to visit its restaurants in the current quarter.Revenue dropped 25 percent at $161.3 million, but profit topped estimates as expenses plunged about 43 percent to $68.2 million in the third quarter ended Sept. 30.More than 94 percent of DineEquity's restaurants are now franchise-owned, up from 91 percent a year earlier.
DineEquity, Inc. owns franchise and operate two restaurant concepts: Applebee's Neighborhood Grill & Bar, (Applebee's), in the bar and grill segment of the casual dining category of the restaurant industry, and International House of Pancakes (IHOP), in the family dining category of the restaurant industry. Shares of DIN traded higher by 10.49% or $7.5/share to $79.00. In the past year, the shares have traded as low as $52.23 and as high as $78.39. On average, 115556 shares of DIN exchange hands on a given day and today's volume is recorded at 241505.
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