Restaurant Brands reports Q1 profit and sales up from year ago, beats expectations

0

TORONTO — Restaurant Brands International Inc., the parent company of Tim Hortons, Burger King and Popeyes, topped expectations as it reported its first-quarter profit and sales grew compared with a year ago.

The company, which keeps its books in U.S. dollars, says it earned net income attributable to common shareholders of US$179 million or 58 cents per diluted share for the quarter ended March 31.

The result compared with a profit of US$144 million or 48 cents per diluted share in the same quarter last year.

Revenue in the quarter totalled US$1.26 billion, up from nearly $1.23 billion in the first three months of 2020.

On an adjusted basis, Restaurant Brands says it earned US$257 million or 55 cents per diluted share in the quarter, up from US$227 million or 48 cents per diluted share a year ago.

Analysts on average had expected an adjusted profit of 50 cents per share and US$1.25 billion in revenue, according to financial data firm Refinitiv.

Companies in this story: (TSX:QSR)