DUBLIN, Ohio - Wendy's first-quarter net income fell 83 percent from year-ago results that included a big gain on the sale of an investment.
But the fast-food chain operator's adjusted results matched Wall Street's expectations. Wendy's also boosted its full-year earnings forecast, citing a refinancing benefit.
For the period ended March 31, the Dublin, Ohio, company earned $2.1 million, or a penny per share. That's down from $12.4 million, or 3 cents per share, a year ago.
Excluding certain items, earnings were 3 cents per share.
Revenue rose 2 percent to $603.7 million versus a year ago but fell short of the $615 million forecast of analysts.
Wendy's Co. now expects 2013 adjusted earnings of 20 cents to 22 cents per share, up from 18 cents to 20 cents per share. Wall Street predicts 19 cents per share.