Restaurant Brands reports US$257M Q2 profit, beats expectations as sales rise
|CTVnews 02 Aug 2019 at 11:56|
TORONTO -- Restaurant Brands International Inc., the owner of Tim Hortons, Burger King and Popeyes restaurants, says earnings rose in the second quarter to beat expectations as global sales across its brands grew eight per cent.
The company, which reports in US dollars, says it had net income of $257 million, or 55 cents per share, in the quarter ending June 30, compared with earnings of $313 million, or 66 cents per share, last year.
Adjusted net income came in at $331 million, or 71 cents per share, compared with earnings of $313 million or 66 cents per share last year.
Analysts had expected adjusted earnings of $296 million, or 65 cents per share, according to financial markets data firm Refinitiv.
The company s revenue of $1.4 billion for the quarter was largely in line with expectations of $1.383 billion, and were up from $1.343 billion in the same quarter last year.
Restaurant Brands continues to expand internationally including with new partnerships for Popeyes in China and Spain, and Tim Hortons in Thailand.