Burger King owner’s profit exceeds estimates

New York - Restaurant Brands International, the owner of Burger King and Tim Hortons, reported second-quarter profit that beat analysts’ estimates as new items helped the company weather a rough patch for the fast-food industry.

Profit was 41 cents a share, excluding some items, the Oakville, Ontario-based company said Thursday in a statement. Analysts estimated 35c, on average. Revenue was little changed at $1.04bn, in line with analysts’ $1.05bn average projection.

Burger King has relied on new food and meal deals to draw customers in a fiercely competitive fast-food market. The company recently started selling Mac n’ Cheetos, deep-fried sticks of macaroni and cheese encrusted in Cheetos-flavored breading. Earlier this year, Burger King added grilled Oscar Mayer hot dogs to its menu, along with an Egg-normous burrito and Chicken Fries Rings.

Restaurant Brands said in a separate statement that it has approved $300m in share repurchases over the next five years.

Shares of Restaurant Brands rose 0.7% to $44.79 on Wednesday in New York, before the results were released. The stock has advanced 20% this year.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
16.23
(+0.67)
ZAR/GBP
21.02
(+0.59)
ZAR/EUR
18.90
(+1.01)
ZAR/AUD
11.40
(+0.88)
ZAR/JPY
0.16
(+0.82)
Gold
1877.90
(+0.05)
Silver
23.62
(+0.11)
Platinum
844.50
(+0.39)
Brent Crude
37.86
(-0.84)
Palladium
2204.58
(+0.60)
All Share
51684.70
(-0.41)
Top 40
47472.92
(-0.22)
Financial 15
9459.76
(-3.04)
Industrial 25
73439.58
(+1.04)
Resource 10
47245.91
(-1.21)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
24% - 152 votes
No, I did not.
50% - 323 votes
My landlord refused
26% - 168 votes
Vote