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Shares of Burger King parent rise after earnings beat

·1 min read
Shares of Burger King parent rise after earnings beat
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Shares of Restaurant Brands International Inc. rose 1.8% in Friday premarket trading after the fast-food company reported earnings that beat expectations. Net income totaled $179.0 million, or 58 cents per share, up from $144.0 million, or 48 cents per share, last year. Adjusted EPS of 55 cents beat the FactSet consensus for 50 cents. Revenue of $1.26 billion was up from $1.23 billion last year and also ahead of the FactSet consensus of $1.25 billion. Comparable sales at Burger King edged up 0.7%, Popeyes Louisiana Kitchen was up 1.5% and Tim Hortons fell 2.3%. Nearly all Restaurant Brands restaurants (95%) in North America and Asia Pacific were open at the end of March 2021, 92% were open in Europe, Middle East and Africa, and 84% were open in Latin America. Restaurant Brands stock has gained nearly 11% for the year to date while the S&P 500 index was up 12.1% for the period.