Restaurant Brands International Profit, Revenue Top Views in 4Q

By Adriano Marchese

Restaurant Brands International on Tuesday reported better-than-expected profit and revenue in the fourth quarter thanks to higher sales across its network of restaurants.

The Canadian-American fast food holding company, which operates brands like Tim Hortons and Burger King, posted net income of $508 million, or $1.60 a share, up from $229 million, or 74 cents a share, in the comparable quarter a year ago.

Restaurant Brands said it benefited from an income tax benefit as well as improved income from operations.

Adjusted earnings were 75 cents a share. According to FactSet, analysts were expecting 73 cents a share.

Total revenues rose to $1.82 billion from $1.69 billion. Analysts were expecting a rise to $1.81 billion.

System-wide store sales growth was slightly lower in the period, growing at 9.6% compared with 11.4% a year earlier, while system-wide sales grew to $10.9 billion from $9.9 billion.

On its Reclaim the Flame plan, which was launched in late September 2022 and aims to accelerate sales and improve profitability, Restaurant Brands said it has funded about $40 million, including $37 million to back its Burger King US advertising fund, among other investments.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 13, 2024 07:01 ET (12:01 GMT)

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