Wendy's announced that it earned a profit during the first quarter due to a gain on an investment sale. However, the company missed analyst estimates and cut its 2012 forecast. Wendy's earned $12.4 million, or 3 cents per share, versus a loss of $1.4 million in the same period last year. Revenue increased by two percent to $593.2 million from $582.5 million, short of estimates of $601.8 million. The company expects earnings for the year to be in a range of $320 million to $335 million, while it had previously expected a range of $335 million to $345 million.
Shares are lower in early trading.
Rival McDonald's (NYSE:MCD) today announced that same store sales increased by a smaller than expected 3.3 percent in April.
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