DineEquity Declares DividendWednesday, May 15, 2013
The Glendale parent of the Applebee’s and IHOP restaurant chains has declared a second quarter cash dividend of 75 cents a share.
DineEquity Inc. said the dividend will be payable on June 28 to the shareholders of record as of the close of business on June 14. The company offered a dividend of the same amount in the prior quarter.
The announcement follows mixed second-quarter earnings for the company, which earned $1.14 a share, beating analysts’ estimates, but narrowly missed revenue targets.
DineEquity's $163.5 million in revenue was 34 percent less than a year earlier, partially due to the company reaching its goal of franchising 99 percent of its Applebee’s outlets. Under its franchising model, the company expects to be able to achieve more consistent earnings.
DineEquity Chief Executive Julia Stewart said the quarterly dividend shows that the company values shareholders.
“The declaration of the second quarter cash dividend demonstrates our commitment to returning cash to our shareholders,” she said, in a prepared statement.
Shares closed unchanged at $72.50 on the New York Stock Exchange.