Restaurant Brands International Shares Rise on 1Q Adjusted EPS, Revenue Beats
By Adriano Marchese
Shares in Restaurant Brands International rose Tuesday morning after reporting better-than-expected adjusted earnings and revenue as Popeyes leads in growth.
Shares trading in Toronto were up 1.4% to 102.31 Canadian dollars ($74.88).
The Canadian-American fast food holding company, which operates brands like Tim Hortons and Burger King, reported adjusted earnings of 73 cents a share, beating analyst expectations which forecasted 72 cents a share, according to FactSet.
Total revenues rose to $1.74 billion from $1.59 billion, beating analyst forecasts of a rise to $1.69 billion.
Of its five operating segments, only Popeyes Louisiana Kitchen saw system-wide sales growth rise faster than the prior-year period, while its largest banners, Tim Hortons and Burger King, rose but at slower pace.
Restaurant Brands also said that it plans to invest an additional $300 million to modernize its Burger King restaurants across the U.S. as part of its Reclaim the Flame plan first launched in 2022.
The company aims to refresh its restaurants and increase its marketing and media presence.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 30, 2024 09:56 ET (13:56 GMT)
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