The parent company of Tim Hortons and Burger King doubled its fourth quarter earnings and grew sales across its businesses as the global fast food giant added an increasing number of new restaurants to its network.
Although there has been a slowdown in the restaurant market over the past few months, Restaurant Brands International CEO Daniel Schwartz has committed previously to opening more locations. In 2016, restaurant count for Burger King grew 4.9% and 4.5% for Tim Hortons.
On a per-share basis, the Oakville, Ontario-based company said it had net income of 50 cents.More news: Sears, Kmart Remove Trump Line of Home Furnishings from Websites
"We accelerated our net restaurant growth on the Tim Hortons side and on the Burger King side".
Restaurant Brands International reported earnings attributable to common shareholders of US$118.4 million for the period ended December 31, or US50 cents per share, compared with US$51.7 million (US25 cents) in the same period a year ago. The prior-year quarter was hurt by restructuring charges.
When making adjustments, earnings per share increased to just over 44 cents compared to 32 cents for the same period one year ago. The company earned $1.11 billion during the quarter. If you are viewing this article on another website, it was copied illegally and republished in violation of United States & global copyright & trademark legislation. Revenue in 2015 was $4.05 billion, including $1.06 billion in that year's fourth quarter. The Company operates through two segments: TH, which includes all operations of its Tim Hortons brand and BK, which includes all operations of its Burger King brand.More news: Caster Semenya in line for 2nd Olympic gold after Russian stripped
Shares before the opening bell on Monday were inactive, but closed on Friday at $51.41. FMR LLC now owns 12,974,594 shares of the company's stock worth $617,976,000 after buying an additional 186,166 shares in the last quarter.
RBI is one of the largest quick service restaurant business in the world with over $24 billion in sales system wide and more than 20,000 restaurants in over 100 countries and territories.More news: Storm progresses as expected; snow coming soon