A general view of a Tim Hortons Drive-Thru coffeehouse and restaurant at Lakeside Retail Park on February 5, 2024 in Grays, United Kingdom.
John Keeble | Getty Images
Restaurant Brands International on Thursday reported quarterly revenue that beat analysts’ expectations, fueled by better-than-expected sales at Tim Hortons and the company’s international restaurants.
Shares of the company fell less than 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 86 cents adjusted vs. 87 cents expected
- Revenue: $2.08 billion vs. $2.02 billion expected
Restaurant Brands reported second-quarter net income of $399 million, or 88 cents per share, up from $351 million, or 77 cents per share, a year earlier.
Excluding items, the company earned 86 cents per share.
Net sales rose 17% to $2.08 billion, boosted by recent acquisitions of Burger King restaurants in the U.S. The company’s same-store sales increased 1.9%.
Out of Restaurant Brands’ four chains, Tim Hortons performed the best, with same-store sales growth of 4.6%. Popeyes’ same-store sales rose 0.5%.
Both Burger King and Firehouse Subs reported same-store sales declines of 0.1% for the quarter.
Restaurant Brands’ international locations saw same-store sales growth of 2.6%.
Two days before the quarter ended, Restaurant Brands completed its acquisition of Popeyes China, which will be included in its results next quarter. The company’s new Restaurant Holdings segment includes the performance of Popeyes China and the restaurants it acquired from Carrols, which was Burger King’s largest U.S. franchisee before Restaurant Brands bought it.