Higher same-store sales at the IHOP and Applebee's chains drove first-quarter earnings at DineEquity Inc., the company reported on Thursday.
The Glendale restaurant operator reported net income of $28 million ($1.47 a share) for the quarter ended March 31, compared to $20.5 million ($1.08) for the same period a year earlier. Revenue rose 5 percent to $175.8.
On an adjusted basis, the company said its net income was $31.1 million ($1.64 ), up from adjusted net income of $24 million ($1.26 cents) for the same period a year earlier.
Analysts surveyed by Thomson Financial estimated net income of $1.60 a share on revenue of $173.9 million.
Same-store sales at IHOP restaurants increased 4.8 percent, while Applebee’s sales were up 2.9 percent.
The company also announced the appointment of Darren Rebelez, the former chief operating officer of 7-Eleven Inc., as the new president of the IHOP brand effective May 4. The position was filled on an interim basis by Chief Executive Julia Stewart for the last three years.
“Looking ahead, we will continue to deliver on our brand-building strategies and remain focused on innovation and operations excellence to drive the business,” Stewart said.
Shares closed down $3.99, or nearly 4 percent, to $96.43 on the New York Stock Exchange.
Teledyne Technologies Inc. reported first-quarter revenue on Thursday that fell short of expectations as the strong U.S. dollar cut into overseas sales.
The Thousand Oaks aerospace, marine and energy products manufacturer reported net income of $43.7 million ($1.20 a share) in the quarter ended March 29, compared with $45.8 million ($1.20) in the same period a year earlier. Revenue decreased 1.5 percent to $565 million.
Analysts on average expected net income of $1.20 a share on revenue of $598 million, according to Thomson Financial Network.
Chief Executive Robert Mehrabian cited the strengthening U.S. dollar and a decline in some oil and gas markets for the slip in revenue. But the company’s environmental instrumentation and commercial avionics businesses did well and offset declines in sales to government agencies.
“While we are confident we will achieve sequential improvements in earnings this year,” he said. in a prepared statement.
Teledyne also announced that its Teledyne DALSA Inc. subsidiary is now the sole owner of Optech Inc., a survey and digital-imaging instruments manufacturer, after buying out the minority stakeholder. Teledyne made an initial 19 percent investment in the Vaughan, Ontario company in March 2011.
Shares closed down $3.25, or 3 percent, to $104.97 on the New York Stock Exchange.
Ryland Group Inc. reported first-quarter earnings on Thursday that beat Wall Street estimates as the home builder benefited from the improving housing market.
The Westlake Village company posted net income of $26.5 million (47 cents a share) for the quarter ended March 31, compared to $23.5 million (42 cents) for the same quarter a year earlier. Revenue increased 5.7 percent to $517 million.
Analysts on average expected net income of 45 cents on revenue of $505 million, according to Thomson Financial Network.
The company said new orders in the quarter rose 9.3 percent to 2,389 units, generating 11.5 percent higher sales revenue of $813 million.
Shares closed down $2.60, or nearly 6 percent, to $41.22 on the Nasdaq.