Papa John's Pizza (PZZA) reported a 5.7% drop in revenue for the third quarter, but profits exceeded analyst expectations. 

Excluding one-time charges, the company earned 30 cents per share, beating the Thomson Reuters analyst expectation of 26 cents per share.

Revenue totaled $263.9 million, which missed analysts predictions of $270.8 million. The decline was due in part to the sale of 62 non-performing restaurants. 

Net income for the quarter totaled $11.7 million, or 42 cents per share, up from $7.7 million or 28 cents per share in the year prior.

Papa John’s largest competitors are Domino’s Pizza (DPZ) and Pizza Hut, which is owned by Yum Brands (YUM).

Papa John's shares fell 10% to $22.97.