Dine Brands Global Inc (DIN) Reports Q3 2023 Earnings: Net Income Rises to $18.48 Million
Dine Brands Global Inc (NYSE:DIN) reports Q3 2023 net income of $18.48 million, up from $20.94 million in Q3 2022.
Company repurchased approximately $20.0 million of its common stock in the first nine months of 2023.
Company's effective tax rate was 25% for the nine months ended September 30, 2023, compared to 26.9% for the same period in 2022.
Dine Brands Global Inc (NYSE:DIN) maintains a positive outlook, leveraging strengths in technology, menu innovation, and marketing.
On November 1, 2023, Dine Brands Global Inc (NYSE:DIN), the parent company of Applebees Neighborhood Grill & Bar, IHOP and Fuzzys Taco Shop restaurants, announced its financial results for the third quarter of fiscal 2023. Despite the ongoing volatile macroeconomic environment, the company demonstrated solid performance and continued to advance its strategic growth agenda.
Financial Highlights
For the third quarter of 2023, Dine Brands Global Inc (NYSE:DIN) reported a net income of $18.48 million, up from $20.94 million in the same period in 2022. The company's effective tax rate was 25% for the nine months ended September 30, 2023, compared to 26.9% for the same period in 2022. The change in the effective tax rate was primarily due to the recognition of higher excess tax benefits from stock-based compensation and lower non-deductible executive compensation.
Capital Returns to Equity Holders
During the quarter ended September 30, 2023, the company repurchased approximately $6.0 million of its common stock. Through the first nine months of 2023, the company repurchased approximately $20.0 million of its common stock. On September 7, 2023, the company announced that its Board of Directors declared and approved a quarterly cash dividend of $0.51 per share of common stock. The dividend was paid on September 29, 2023, to the companys stockholders of record at the close of business on September 19, 2023.
Company's Outlook
Despite the ongoing volatile macroeconomic environment, Dine Brands Global Inc (NYSE:DIN) remains optimistic about its future. The company's CEO, John Peyton, stated,
Dine Brands maintained its course in the third quarter, leaning into our brands abundant value proposition and demonstrating solid performance as we continued to advance our strategic growth agenda."
The company's CFO, Vance Chang, added,
Our third quarter results underscore the resiliency of our business model and our ability to generate cash flow."
Financial Performance Guidance for 2023
The company has adjusted its EBITDA guidance for the end of the year to reflect its progress year-to-date and provide a better understanding of where it expects to see its business at the close of the fourth quarter.
For more detailed financial information, please refer to the company's full earnings report.
Explore the complete 8-K earnings release (here) from Dine Brands Global Inc for further details.
This article first appeared on GuruFocus.
