Dine Brands Global, Inc. ( DIN ) shares are trading lower after the company reported second-quarter results.

The company reported adjusted earnings per share of $1.71, beating the street view of $1.64.

Total revenues for the second quarter were $206.3 million compared to $208.4 million for the second quarter of 2023, missing the consensus of $210.728 million.

The decrease was primarily due to the negative comparable same-restaurant sales growth at Applebee’s and IHOP, partially offset by increases in the number of effective franchise restaurants and proprietary product sales at IHOP.

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Total cash and equivalents were $218.4 million, with about $153.5 million unrestricted. Additionally, there is over $223 million in available borrowing capacity under the Variable Funding Senior Secured Notes.

Vance Chang, chief financial officer, said, “We are revising our financial guidance for the remainder of the fiscal year to reflect the current macro conditions and we are optimistic about the strategic advantage of Dine’s platform to create value for all stakeholders in the long term.”

Outlook: Consolidated adjusted EBITDA is now expected to be $245 million to $255 million in FY24, down from the previous range of $255 million to $265 million.

Gross capital expenditures are now anticipated to be between $14 million and $16 million, reduced from the earlier range of $15 million to $20 million.

In addition, the company reduced its outlook for Applebee’s domestic system-wide comparable same-restaurant sales performance to range between negative 4% and negative 2% (versus 0% to 2% previously).

IHOP’s domestic system-wide comparable same-restaurant sales performance is expected to range negative 2% to 0% (versus 1% to 3% previously).

Price Action: DIN shares are trading lower by 2.48% to $31.12 at last check Wednesday.

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