DineEquity Inc, the owner of Applebee's and IHOP restaurants, reported a better-than-expected adjusted quarterly profit as costs nearly halved due to franchising.
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Expenses fell about 43 percent to $68.2 million in the third quarter ended Sept. 30.
Excluding items, the company earned $1.10 per share, beating the average analyst estimate of 92 cents, according to Thomson Reuters I/B/E/S.
Revenue dropped 25 percent at $161.3 million.
Net income fell to $18.7 million, or 97 cents per share, from $60.6 million, or $3.14 per share, a year earlier.