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

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.

“Restaurant Brands says it earned US$257 million or 55 cents per diluted share in the quarter”

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.