Restaurant Brands More Than Doubles 2Q Profit, Increases Buyback Authorization

By Adriano Marchese

Restaurant Brands International Inc. on Friday reported a more-than-doubled profit in the second quarter and said it would increase its share buyback authorization to $1 billion.

The Canadian-American fast-food holding company--which houses the Tim Hortons and Burger King brands--said earnings per share were 84 cents up from 35 cents in the comparable quarter a year ago.

Net income was $259 million, compared with $106 million a year ago.

Total revenue rose to $1.44 billion from $1.05 billion.

The company also said the board of directors approved a share repurchase authorization for $1 billion worth of shares over the next two years.

"[The buyback] demonstrates our confidence in the value creation opportunity we have ahead of us with our three iconic brands, scalable business model, expanding digital strength and dedicated franchise partners," Chief Executive Officer Jose Cil said.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

07-30-21 0704ET