DineEquity Inc. reported third-quarter results that beat Wall Street expectations for earnings but missed on revenues.
The Glendale-based parent company of Applebee’s Neighborhood Grill & Bar and IHOP restaurants posted adjusted net income of $26.4 million ($1.46 a share) for the quarter ended Sept. 30, down from $26.7 million ($1.43) for the same quarter last year.
Analysts predicted net income of $1.40 a share, according to Thomson Financial Network.
Total revenue for the quarter was $156 million, missing analysts’ expectations of $160 million and falling nearly 4 percent year over year. Sales at Applebee’s declined roughly 5 percent from the third quarter of 2015, prompting DineEquity to lower its annual guidance for the restaurant’s overall sales performance by half a percentage point.
Shares of DineEquity fell $1.64, or 2 percent, to close Tuesday at $77.46 on the New York Stock Exchange.