Applebee's parent reports higher-than-expected profit

Tue Oct 30, 2012 8:21am EDT

Oct 30 (Reuters) - DineEquity Inc, which owns the Applebee's and IHOP restaurant brands, reported a quarterly profit that beat Wall Street expectations, boosted by a higher gain on refranchise and the sale of Applebee's company-operated restaurants.

Third-quarter net income tripled to $58.7 million, or $3.14 per share, from $15.5 million, or 85 cents per share, a year earlier.

Excluding items, it earned $1.03 per share in the latest quarter.

Total revenue fell 18 percent to $216.3 million.

Analysts on average expected the company to earn 93 cents per share on revenue of $202.6 million, according to Thomson Reuters I/B/E/S.

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