Earlier today, Dine Brands reported Q4 2020 adjusted EPS of $0.39, falling short of our recently-reduced $0.85 forecast and sell-side consensus (according to Consensus Metrix) of $0.67.
Dine Brands plans to release its Q4 2020 earnings before the market open on Tuesday, March 2nd. How do DIN shares tend to trade heading into earnings, and on the day of an earnings release?
Dine Brands plans to release its Q4 2020 earnings before the market open on Tuesday, March 2nd. As regards Q4E, we retain our IHOP U.S. same-store sales forecast of -30.0%, but we reduce our Applebee’s U.S. same-store sales projection by -200 basis points, to -7.5%. Dine Brands has previously announced that for the first four weeks of Q4E, IHOP’s same-store sales declined by -24.0%, while Applebee’s same-store sales decreased by -1.9%. Our updated Q4E projections incorporate implicit same-store sales assumptions for the remaining weeks of that quarter of -10% (or so) for Applebee’s and -33% (or so) for IHOP. As a result of all this, our Q4E EPS projection goes down by -2 cents, to $0.68. Our full-year 2020E EPS estimate also goes down by -2 cents (to $2.06).