Dine Brands Posts Mixed Q4 Results; Plans New Buyback

Dine Brands Global Inc DIN reported fourth-quarter FY21 sales growth of 17.1% year-on-year, to $229.63 million, missing the consensus of $236.67 million.
Domestic same-restaurant sales for Applebee's rose 34.8% and IHOP's increased 39.2% versus last year.
Gross profit jumped 43% Y/Y to $96.5 million. Adjusted EBITDA rose 43.1% Y/Y to $60.1 million.
Adjusted EPS of $1.32 beat the consensus of $1.27.
The company held $425.4 million in cash and equivalents as of December 31, 2021. Cash provided by operating activities for the twelve months amounted to $195.8 million with an adjusted free cash flow of $191 million.
On February 22, 2022, the company's board declared a 15% increase in the quarterly cash dividend to $0.46 per share, payable on April 1, 2022, to stockholders of record on March 21, 2022.
Effective April 1, 2022, the company's board also approved a new share repurchase program of up to $250 million and terminated the existing share repurchase program, approved in February 2019.
Outlook: Dine Brands Global sees FY22 capital expenditure of $33 million - $38 million. It sees FY22 adjusted EBITDA of $235 million - $250 million.
Price Action: DIN shares closed lower by 6.57% at $78.33 on Tuesday.

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