Wendy's (NASDAQ: WEN) reported Q1 EPS of $0.09, $0.01 better than the analyst estimate of $0.08. Revenue for the quarter came in at $285.8 million versus the consensus estimate of $282.47 million.

• Total revenues were $285.8 million in the first quarter of 2017, compared to $378.8 million in the first quarter of 2016. The 24.6 percent decrease resulted primarily from the ownership of 301 fewer Company-operated restaurants at the end of the first quarter 2017 compared to the beginning of the first quarter 2016, which resulted in fewer sales at Company-operated restaurants, partly offset by higher franchise royalty revenue and fees and franchise rental income.
• Company-operated restaurant margin was 16.7 percent in the first quarter of 2017, compared to 17.2 percent in the first quarter of 2016. The 50 basis-point decrease was primarily the result of increased labor rates, partly offset by lower commodity costs.
• General and administrative expense was $52.4 million in the first quarter of 2017, compared to $64.7 million in the first quarter of 2016. The 19.0 percent decrease resulted primarily from lower professional fees and legal reserves, a year-over-year decrease in incentive compensation accruals and cost savings related to the Company\'s system optimization initiative.
• Operating profit was $60.7 million in the first quarter of 2017, compared to $63.8 million in the first quarter of 2016. The 4.9 percent decrease resulted primarily from a year-over-year increase in other operating expense that was related to a lease buyout gain recognized in the first quarter of 2016, partly offset by lower depreciation and amortization expense and reorganization and realignment costs, in addition to the items discussed above.
• Net income was $22.3 million in the first quarter of 2017, compared to $25.4 million in the first quarter of 2016. The 12.2 percent decrease resulted primarily from the items discussed above.
• Adjusted EBITDA was $89.2 million in the first quarter of 2017, compared to $98.1 million in the first quarter of 2016. The 9.1 percent decrease resulted primarily from a year-over-year increase in other operating expense that was related to a lease buyout gain recognized in the first quarter of 2016 and the ownership of 301 fewer Company-operated restaurants at the end of the first quarter of 2017 compared to the beginning of the first quarter of 2016.
• Adjusted EBITDA margin (adjusted EBITDA divided by total revenues) was 31.2 percent in the first quarter of 2017, compared to 25.9 percent in the first quarter of 2016. The 530 basis-point improvement reflects the positive impact of the Company\'s system optimization initiative.
• Reported diluted earnings per share were $0.09 in the first quarter of 2017, compared to $0.09 in the first quarter of 2016.
• Adjusted earnings per share were $0.09 in the first quarter of 2017, compared to $0.11 in the first quarter of 2016. The 18.2 percent decrease resulted primarily from the items discussed above and reflects a 7 percent year-over-year reduction in the weighted average diluted shares outstanding.
• Cash flows from operations were $38.6 million in the first quarter of 2017, compared to $50.8 million in the first quarter of 2016. The 24.0 percent decrease was primarily the result of an increase in working capital and year-over-year decreases in net receipt of deferred vendor incentives and net income.
• Capital expenditures were $14.8 million in the first quarter of 2017, compared to $38.8 million in the first quarter of 2016.
• Free cash flow (cash flows from operations minus capital expenditures) was $23.8 million in the first quarter of 2017, compared to $12.0 million in the first quarter of 2016. The 98.3 percent increase resulted primarily from a year-over-year decrease in capital expenditures, in addition to the items discussed above.

"We are pleased with our solid first quarter results as we were able to deliver high quality of earnings despite tough prior year comparisons,\" President and Chief Executive Officer Todd Penegor said. \"Driven by our continued focus on profitably growing customer counts with a balanced marketing plan, we have now recorded 17 consecutive quarters of positive same-restaurant sales in North America. In addition to consistently delivering solid same-restaurant sales, we continue to build momentum towards our global expansion goals with 33 total new restaurant openings during the first quarter. Along with our exceptional and dedicated franchisees, we remain committed to our brand purpose of creating joy and opportunity through our food, family and community, and delighting every customer.

For earnings history and earnings-related data on Wendy's (WEN) click here.