Restaurant Brands Higher Sales Drives Profit, Revenue Higher Than Expected in 3Q

By Adriano Marchese

Restaurant Brands International Inc. on Thursday reported a better-than-expected rise in profit and revenue, benefiting from higher sales at its Tim Hortons, Burger King and Popeyes businesses.

The Canadian-American fast food company, which houses the Tim Hortons and Burger King brands, said net income rose to $360 million, or $1.17 a share, compared with a year earlier when it reported net income of $221 million, or 70 cents a share.

On an adjusted basis, earnings rose 96 cents a share, well ahead of analyst expectations of 80 cents a share, taken from FactSet.

Total revenue rose to $1.73 billion from $1.5 billion, beating analyst expectations of $1.66 billion. The company benefited from higher consolidated system-wide sales growth, which reached 14% in the period, up from 10.8% a year ago.

Its three main brands saw system-wide sales grow, with Tim Hortons reporting a growth to $1.95 billion from $1.77 billion, and Burger King with $6.67 billion from $6.21 billion.

Popeyes, its smallest unit, reported system-wide sales of $1.53 billion, up from $1.39 billion.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

11-03-22 0710ET