Restaurant Brands Up After 1Q Earnings Beat Analyst Views
Restaurant Brands International Inc. shares rose in Friday trading.
U.S.-listed shares were up 2% to $69.33 in afternoon trading and shares in Toronto were up 2% to C$84.95.
The company before the market open reported first-quarter earnings that beat analyst estimates.
The quick-service restaurant company, which owns the Tim Hortons, Burger King and Popeyes brands, reported first-quarter earnings per share of 58 cents, up from 48 cents in the year-ago period.
Burger King Aims To Build Back Better At Breakfast -- Market Talk
09:59 ET - Restaurant Brands International says its Burger King brand's breakfast offering still needs work, and the company and its franchisees are focused on bumping it up from 13% of total sales. Despite mentioning breakfast improvements several times over the last year, CEO Jose Cil says in 1Q earnings, "[we] frankly haven't made much progress." Restaurant owners are working with the company to develop a long-term breakfast plan, Cil says. McDonald's said new bakery items helped its breakfast sales to swing up after dragging earlier in the pandemic. (firstname.lastname@example.org; @heatherhaddon)
McDonald's Pilots Deliveries via Own App in Partnership With Uber
McDonald's Corp. is piloting an option which will allow customers to order food for delivery from within its own app, in a partnership with Uber Technologies Inc.
The companies said Friday that customers in the U.K. would be able to choose a delivery option from within the My McDonald's app, which will be fulfilled by couriers working through Uber's platform.
STORIES OF INTEREST
Nestlé Expands in Vitamins With $5.75 Billion Nature's Bounty Deal -- Update
Nestlé SA has agreed to buy the main brands of vitamins maker Bountiful Co. for $5.75 billion, in the Swiss food giant's latest move to capitalize on growing demand for minerals and nutritional supplements.
The world's biggest packaged-food company said Friday the deal would add brands including Nature's Bounty, Solgar, Osteo Bi-Flex and Puritan's Pride to its offering. The Wall Street Journal reported last week that Nestlé was in talks to buy the company, which is majority-owned by private-equity firm KKR & Co.
Hog Futures Close Up For Week -- Market Talk
15:49 ET - In a volatile week for grain trading, lean hog futures close higher, rising 2.8% to $1.09725 per pound on Friday. That makes it 4.3% rise in the past week, and 8.4% over the past two weeks--fueled largely by an uptick in cutout prices amid expectations of higher demand from the food service industry. Live cattle futures, meanwhile, closed Friday up 0.5% to $1.16575 per pound, and up 0.4% for the week. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Apr 30
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Apr 30 -$ 21.95 +$ 92.41
Apr 29 -$ 26.29 +$ 87.77
Apr 28 -$ 25.86 +$ 87.90
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 83.0
(Percent of Year-Ago) Select 83.3
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose $2.74 per hundred pounds, to $296.50, according to the USDA. Select-grade prices rose $3.26 per hundred pounds, to $283.05. The total load count was 78. Wholesale pork prices rose $2.16, to $108.72 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires