Restaurant Brands International Inc.
The company reported adjusted earnings per share of 86 cents, missing the analyst consensus of 87 cents.
The company reported quarterly revenues of $2.08 billion, beating the street view of $2.026 billion.
Consolidated comparable sales rose by 1.9%, and net restaurants grew by 4.0% compared to the previous year. System-wide sales increased by 5.0% year-over-year.
Income from operations was $663 million, up from $554 million last year, while net income rose to $399 million from $351 million.
Adjusted operating income grew 9.3% organically to $632 million, the company said.
On April 30, 2024, Burger King unveiled its Royal Reset 2.0 program and plans to invest an additional $300 million in remodels from 2025 to 2028. Alongside the initial Reclaim the Flame investment and the remodeling of 600 recently acquired Carrols restaurants, the company aims to achieve 85% to 90% modern image by 2028.
Outlook: For 2024, the company continues to expect consolidated capital expenditures, tenant inducements and incentives (excluding RH) of approximately $300 million.
Restaurant Brands continues to expect, on average, from 2024 to 2028, its long-term guidance, which includes a 3%+ increase in comparable sales, a 5%+ growth in net restaurants, and an 8%+ rise in system-wide sales, with adjusted operating income expected to grow at least as fast as system-wide sales.
Price Action: QSR shares are trading higher by 3.43% to $72.94 at last check Thursday.
