Earnings Reports: BlackLine, Dine Brands, CRC

Earnings Report: BlackLine, Dine Brands, CRCBlackLine Inc. handily beat Wall Street expectation on adjusted earnings in the second quarter while just barely beating on revenue.The Woodland Hills accounting software developer reported on Thursday adjusted net income of $9.6 million (15 cents a share) for the quarter ending June 30, compared with adjusted net income of $12 million (20 cents) in the same period a year earlier. Revenue increased by 23 percent to $102 million.Analysts on average expected earnings of 8 cents on revenue of $101 million, according to Thomson Financial Network.Chief Executive Marc Huffman said the company delivered an outstanding second quarter with strong performances across the business.“Our results continue to build on our market leadership and the momentum we’re experiencing from organizations prioritizing digital finance transformation,” Huffman said in a statement.Shares of BlackLine (BL) closed up 78 cents, or a fraction of a percent, to $115.97 on the Nasdaq, on a day when that market closed up nearly 1 percent.<hr/>The parent company of Applebee's and IHOP restaurants, Dine Brands Global Inc beat second-quarter earnings and revenue estimates, based on financial results released Thursday.The Glendale-based company reported net income of $32.9 million, or 1.94 per share, compared to a loss of $14 million (-87 cents per share) in the same period a year ago. Revenue rose 113 percent to nearly $234 million.“Both Applebee’s and IHOP continue to make meaningful progress in a challenging environment,” Chief Executive John Peyton said in a statement. “Relative to 2019, Applebee’s posted its best quarterly comp sales performance in over a decade. IHOP’s second-quarter comp sales improved markedly relative to 2019. Our solid fundamentals generated significant adjusted free cash flow and enabled us to maintain a healthy cash position.”Applebee’s year-over-year comparable same-restaurant sales increased 102 percent for the second quarter of 2021, compared to an increase of 11.9 percent for the first quarter of the year. IHOP’s comparable same-restaurant sales increased 120 percent for the quarter, compared to a decrease of 0.9 percent for the first quarter of 2021.“We are very pleased with the progress we have made in the second quarter. Looking ahead, our optimism is somewhat tempered by continued volatility, which include labor shortages and variants of COVID-19,” Vance Chang, chief financial officer, said in the statement. “We remain steadfast in executing our strategy to improve profitability and accelerate sustainable growth.”Shares of Dine Brands (DIN) closed up $1.50, or nearly 2 percent, to $78.04 on Thursday, while the overall Nasdaq went up a fraction of a percent.<hr/> California Resources Corp. beat Wall Street estimates on revenue in the second quarter.The Santa Clarita oil and natural gas producer reported on Thursday adjusted net income of $78 million (94 cents a share) for the quarter ending June 30, compared with adjusted net loss of $202 million (-$4.08) in the same period a year earlier. Revenue increased by 10 percent to $304 million.The sole analyst following the company expected revenue of $285 million, but did not give a forecast on earnings, according to Thomson Financial Network.Shares of California Resources (CRC) closed up 66 cents, or about 2.5 percent, to $27.42 on the New York Stock Exchange, on a day when the Dow Jones closed up nearly 1 percent.