Tim Hortons Parent Restaurant Brands Drops On Q4 Bottom-Line Miss; Names New CEO

Shivani Kumaresan
1 min read
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In this article:

  • Restaurant Brands International Inc (NYSE: QSR) reported fourth-quarter sales growth of 9.3% year-on-year to $1.69 billion, beating the consensus of $1.67 billion.

  • Consolidated comparable sales increased 7.9%. Comparable sales for Tim Horton rose 9.4%, Burger King increased 8.4%, and Popeyes Louisiana Kitchen grew 3.8%.

  • Digital sales grew 30% Y/Y to $13.5 billion in 2022.

  • Revenue for Tim Horton's climbed 8.4% Y/Y, Burger King rose 2.1%, and Popeyes Louisiana Kitchen increased 17.2%.

  • General and administrative expenses increased 24.8% Y/Y. The operating margin was 20.5%, and operating income for the quarter fell 16.8% to $346 million.

  • Adjusted EBITDA for the quarter rose 0.7% Y/Y to $588 million.

  • Restaurant Brands held $1.2 billion in cash and equivalents as of Dec. 31, 2022. Net cash provided by operating activities for the year totaled $1.5 billion.

  • Adjusted EPS of $0.72 missed the analyst consensus of $0.74.

  • The Board of Directors has appointed Joshua Kobza as the company's CEO, effective Mar. 1, 2023. José Cil will remain with the company for one year as an advisor and assist in the transition.

  • Price Action: QSR shares are trading lower by 3.26% at $66.25 in premarket on the last check Tuesday.

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This article Tim Hortons Parent Restaurant Brands Drops On Q4 Bottom-Line Miss; Names New CEO originally appeared on Benzinga.com

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