Dine Brands Global Inc. and Avery Dennison Corp. issued their quarterly earnings reports Wednesday, providing an early look at how the COVID-19-related economic shutdown is starting to affect companies in the Valley region. Both beat expectations but their stock prices went in opposite directions.

Dine Brands, the Glendale franchiser of Applebee’s and IHOP restaurants, on Wednesday reported net income of $22.3 million and adjusted earnings of $1.45 per share on revenue of $207 million for the quarter ending March 31. According to MarketWatch, the analyst consensus was for $1.41 a share and revenue was for $219 million.

Not surprisingly, the first-quarter results were down significantly from the same quarter last year, when the company reported net income of $31.6 million ($1.90 per share) on revenue of $237 million.

Chief Executive Stephen Joyce attributed the business decline to restrictions resulting from the COVID-19 outbreak.

“The physical distancing measures, shelter-in-place orders and government mandates requiring restaurants to close dining rooms, while critical to flatten the curve, have made a significant impact on the operations of our business and that of the entire industry,” Joyce said in a statement. “It’s clear that we are operating in a time of great uncertainty and we expect this trend to continue for the near term.” No guidance was issued.

During the worst stretch of the stock market’s seizure last month, shares of Dine Brands (DIN) fell from $96.36 on Feb. 24 to just $17.41 on March 20 – a slide of 82 percent in less than a month.

But the stock rebounded in a big way Wednesday. Shares closed Wednesday up $9.01, or 24 percent, at $46.31 on the New York Stock Exchange.

Besides the earnings news, the stock could have been propelled by news that several states may soon lift business regulations, representing a potentially huge sales boost for Dine’s Applebee’s and IHOP brands, which primarily serve dine-in customers. Also, Wednesday was a big day for the stock market overall, with the Dow Jones Industrial Average gaining 532 points.

According to a Securities and Exchange Commission filing from early April, Dine Brands’ stockholders will vote next month on a proposed proxy resolution to split the company’s IHOP and Applebee’s brands. JCP Investment Partnership proposed the divestiture because it believes IHOP has much steeper growth potential than Applebee’s. Dine Brands’ directors have recommended shareholders vote against the proposal.

Also in Glendale, Avery Dennison Corp. beat analyst expectations for earnings and revenue. The manufacturer of adhesive labels and industrial supplies reported net income of $134 million and adjusted earnings of $1.66 per share on revenue of $1.72 billion for the quarter ending March 31. Zacks Consensus Estimates predicted earnings of $1.50 a share and revenue of $1.71 billion.

The results were well up from the same quarter last year, when the company reported net income of -$147 million, or a loss of $1.74 per share, on revenue of $1.74 billion.

“While earnings exceeded our expectations in the first quarter, the early stages of this downturn are playing out differently than past recessions. Label and Packaging Materials, our largest business, serves essential categories that are experiencing higher demand during the pandemic. In contrast, RBIS, which primarily serves apparel markets, is seeing a significant decline in demand, reflecting widespread retail store and apparel manufacturing closures,” said Chief Executive Mitch Butier in a statement. “As a result, we anticipate a decline in organic growth and earnings for the year.”

Shares of Avery Dennison (AVY) closed Wednesday down 52 cents, or less than a percent, to $114.16 on the New York Stock Exchange.