Restaurant Brands International Inc. (NYS:QSR) reported fourth-quarter profit and revenue that rose above expectations, as Burger King same-stores sales beat forecasts to help offset misses by Tim Horton's and Popeyes Louisiana Kitchen (PLK). The fastfood restaurant chain's stock was still inactive in premarket trading. Net income rose to $179 million, or 57 cents a share, from $91 million, or 30 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 74 cents was above the FactSet consensus of 69 cents. Revenue grew 13.8% to $1.55 billion to beat the FactSet consensus of $1.52 billion. Same-store sales rose 11.3% for Burger King to beat the FactSet consensus for a 9.3% rise, and increased 10.3% for Tim Horton's to miss expectations of 10.6% growth, while falling 0.4% for PLK to miss expectations for a 2.0% rise. For the year, digital sales grew over 65% to $10 billion, representing nearly 30% of total sales. The company said that while COVID-19 continued to impact results, the results were less affected in 2021 than in 2020, as substantially all of its restaurants remained open. The stock has slipped 2.1% over the past three months while the S&P 500 (S&P:SPX) has dropped 6.0%.
Feb. 15, 2022, 6:49 a.m. EST