A general view of the Tim Hortons drive-thru coffeehouse and restaurant at Lakeside Retail Park in Grace, United Kingdom on February 5, 2024.
John Keeble | Good pictures
Restaurant Brands International reported Quarterly revenue and earnings beat analysts' expectations on Tuesday, fueled by stronger-than-expected Tim Hortons sales.
Shares of the company were unchanged in premarket trade.
Here's what the company reported compared to Wall Street expectations, based on a survey of analysts at LSEG, formerly Refinitiv:
- Earnings per share: 75 cents adjusted vs. 73 cents expected
- Revenue: $1.82 billion vs. $1.81 billion expected
Restaurant Brands reported fourth-quarter net income to shareholders of $508 million, or $1.60 per share, compared with $229 million, or 74 cents per share, a year ago.
Excluding items, the company earned 75 cents per share.
Net sales 8% to $1.82 billion.
This quarter marks the first time Restaurant Brands has shared results using its new reporting system. The company now shares results for its individual brands in the U.S. and Canada and groups all of its international locations together under its “International” division.
Tim Hortons' same-store sales rose 8.4% in the quarter, beating Street estimates by 4.7%. The Canadian coffee chain is typically the largest contributor to restaurant brands' revenue.
Burger King posted same-store sales growth of 6.3%. The chain's U.S. business is now more than a year into a turnaround program that includes remodeling restaurants and spending more money on advertising.
Restaurant Brands recently acquired Burger King's largest U.S. owner, Carroll's Restaurant Group, in a $1 billion deal.
Popeyes' same-store sales grew 5.5% in the quarter. The fried chicken chain introduced chicken wings as a permanent menu item during this period. Wings were the focus of Popeyes' first Super Bowl ad, which aired during Sunday's game.
Restaurant Brands International same-store sales posted 4.6% growth.
