Dine Brands Global Inc., parent company of Applebee's Neighborhood Grill + Bar and IHOP restaurants, announced higher revenue for its fourth quarter and full year on Thursday, sending shares up more than 12 percent.
For the quarter ended Dec. 31, the Glendale company reported net income of $17.8 million (63 cents a share) compared to $17.8 million (97 cents) for the same quarter a year ago. Revenues rose 21 percent to $214 million.
For the full year, revenues grew 6.7 percent to $781 million.
“Dine Brand’s strong performance in the fourth quarter and throughout 2018 is the result of a clear strategic vision and unwavering commitment to sustainable growth,” Chief Executive Steve Joyce said in a statement. “Both Applebee’s and IHOP have outperformed their respective categories by delivering on comprehensive efforts to drive their businesses and delight guests.”
During the fourth quarter, Applebee’s comparable same-restaurant sales saw an increase of 3.5 percent, the fifth consecutive quarter of sales growth.
IHOP’s comparable same-restaurant sales increased 3 percent, the fourth consecutive quarter of sales growth.
“As we head into 2019,” Joyce said, “we are very encouraged by our outlook and growth opportunities. We have the right strategies in place to drive long-term momentum and create additional value for our shareholders.”
Shares of Dine Brands (DIN) on Thursday gained $10,98, or 12.4 percent, to close at $99.49 on the New York Stock Exchange.