Applebee's, IHOP parent DineEquity results beat, shares soar
July 30 (Reuters) - DineEquity Inc, the owner of Applebee's and IHOP restaurants, on Tuesday reported second-quarter profit that handily beat Wall Street's view on better-than-expected sales at established restaurants.
Shares jumped over 8 percent.
Net income was $16.6 million, or 87 cents per share, compared with $15.9 million, or 88 cents per share, a year earlier.
Excluding items, the company earned $1.02 per share, topping analysts' average estimate by 10 cents per share, according to Thomson Reuters I/B/E/S.
Closely watched same-restaurant sales were up 1.9 percent at IHOP and up 1.3 percent at Applebee's. Eight analysts polled by Consensus Metrix had expected a 0.8 percent fall at IHOP and a 0.5 percent rise at Applebees.
Shares in DineEquity were up $5.29 to $70.67 in morning trading.
(Reporting by Lisa Baertlein in Los Angeles; Editing by Gerald E. McCormick)