DineEquity Inc. on Tuesday released first-quarter results that topped Wall Street projections for earnings but fell short on revenue, causing a nearly 5 percent drop in its share price. The Glendale-based parent company of Ihop and Applebee’s restaurants reported adjusted net income of $21.6 million, or $1.22 a share, for the quarter ended April 1. Lower gross profit and higher administrative expenses, including $9 million in severance and equity compensation paid to former Chief Executive Julia Stewart, resulted in a 26 percent decline from the $29.1 million ($1.58 a share) earned during first quarter 2016, the company said. DineEquity generated $156 million in first-quarter revenue, a 5 percent drop from the prior year. Analysts on average had expected earnings equal to $1.19 a share on revenue of $158 million, according to Thomson Financial. Quarterly same-restaurant sales at Applebee’s fell about 8 percent year-over-year, while Ihop saw declines of roughly 2 percent. DineEquity recently has invested significant resources into revamping its Applebee’s brand, including retaining a new advertising agency and veteran restaurant marketer John Cywinski to oversee its turnaround. DineEquity (DIN) shares on Tuesday fell $2.76, or 4.9 percent, to close at $53.79 on the New York Stock Exchange.