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Burger King owner Restaurant Brands sees fourth-quarter profit jump

The better-than-expected profit for the fourth quarter reflected the acquisition of Popeyes Louisiana Kitchen in February 2017 and improved sales growth at Burger King
Restaurant  Brands
Sales growth at Burger King rose to 12.3%.

Restaurant Brands International Inc. (NYSE:QSR), the Canadian owner of Burger King and Tim Hortons, has reported strong fourth quarter results.

The group said its net income for the final quarter of 2017 rose to US$395mln, or US$1.59 per share, compared to US$118.4mln or 50 US cents in the same period a year earlier, although adjusted earnings per share of 66 US cents was below the consensus for 72 US cents.

The firm’s quarterly revenue rose to US$1.234bn, up from US$1.111bn, also below consensus of US$1.575bn, while total revenues for full-year 2017 were US$4.576bn, a slight increase from US$4.145bn in prior year.

The better-than-expected profit for the fourth quarter reflected the acquisition of Popeyes Louisiana Kitchen in February 2017 and improved system-wide sales growth at Burger King. 

A new mobile app and espresso based beverage platform was launched at Tim Horton’s in Canada and the US, while new restaurants were opened in Asia, Europe and Latin America.

Daniel Schwartz, Restaurant Brands’ chief executive officer said the continued growth prospects for each of their three iconic brands were exciting.

“We believe we have the right strategy in place to create further value for all of our stakeholders over the long run,” he added.

In early New York trading, Restaurant Brands shares were 4.8% higher at US$59.20.

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