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May 3, 2022, 6:44 a.m. EDT

Burger King, Popeyes parent Restaurant Brands tops profit and revenue expectations

Restaurant Brands International Inc. (NYS:QSR) reported Tuesday first-quarter profit and revenue that topped expectations, as a same-store sales beat by its Burger King chain helped offset misses at Popeyes Louisiana Kitchen and Tim Hortons. The stock was still inactive in premarket trading. Net income was $270 million, or 59 cents a share, after income of $271 million, or 58 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 64 cents from 55 cents and beat the FactSet consensus of 62 cents. Revenue grew 15.2% to $1.45 billion, above the FactSet consensus of $1.41 billion. Same-store sales for Burger King rose 10.3% to beat expectations of a 7.3% rise; for Popeyes fell 3.0%, compared with expectations of 0.8% growth; and for Tim Hortons increased 8.4%, while expectations were for a 10.5% rise. Regarding Russia, the company said Burger King was the only brand with restaurants there, with 2021 revenue from Russia representing 2.0% of total sales. The stock has lost 6.1% year to date, while the S&P 500 (S&P:SPX) has dropped 12.8%.

Link to MarketWatch's Slice.