IHOP Owner Dine Brands Drops After Correcting Key Profit Measure

Dine Brands Global Inc., which owns the IHOP and Applebee’s chains, fell on Wednesday after issuing a correction to its quarterly earnings — a change that caused a key metric to swing below Wall Street’s expectations.

Earnings, excluding some items, was 88 cents per share in the first quarter, Dine Brands said in a filing, below the average estimate of 99 cents from analysts. Earlier, the company reported the measure was $1.07 a share. The company said it was an “inadvertent error.”