Restaurant Brands reports Q3 profit and revenue up from year ago

TORONTO – Restaurant Brands International Inc. reported a third-quarter profit of US$530 million, up from US$329 million in the same quarter last year as its revenue rose 15 per cent.

The parent company of Tim Hortons, Burger King, Popeyes Louisiana Kitchen and Firehouse Subs, which keeps its books in U.S. dollars, says the profit amounted to US$1.17 per diluted share for the quarter ended Sept. 30, up from 70 cents per diluted share a year earlier.

Revenue totalled nearly US$1.73 billion, up from nearly $1.50 billion in the third quarter of 2021.

RBI chief executive Jose Cil says the results included nine per cent consolidated comparable sales growth and four per cent net restaurant growth.

On an adjusted basis, Restaurant Brands says it earned 96 cents per diluted share, up from an adjusted profit of 76 cents per diluted share a year ago.

Analysts on average had expected a profit of 80 cents per share and US$1.66 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 3, 2022.

Companies in this story: (TSX:QSR)

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