Wendy's profit misses on higher beef costs

Wendy's Co (WEN.O), the second-largest U.S. hamburger chain, reported a quarterly profit that missed Wall Street estimates, mainly on account of higher fresh beef costs.

First-quarter net income was $12.4 million, or 3 cents per share, compared with a loss of $1.4 million, or breakeven per share, last year.

Excluding items, the company earned 1 cent per share.

Analysts, on average, were looking for a profit of 3 cents per share in the quarter.

Revenue rose about 2 percent to $593.2 million and same-store sales at established Wendy's North America company-operated restaurants rose 0.8 percent.

Shares of the company were down about 5 percent in premarket trade. They had closed at $4.87 on Monday on the Nasdaq.

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