Canadian Manufacturing

RBI Inc. reports Q1 profit, COVID-19 recovery

Profit amounted to 59 cents per diluted share for the quarter ended March 31 compared with 58 cents per diluted share a year earlier.

May 3, 2022   The Canadian Press

Restaurant Brands International Inc. reported its net income attributable to common shareholders totalled US$183 million in its first quarter, up from US$179 million a year earlier.

The company, which includes Tim Hortons, Burger King, Popeyes and Firehouse Subs, said its profit amounted to 59 cents per diluted share for the quarter ended March 31 compared with 58 cents per diluted share a year earlier.

Revenue for the company, which keeps its books in U.S. dollars, totalled US$1.45 billion, up from US$1.26 billion in the same quarter last year.

Comparable sales at Tim Hortons rose 8.4 per cent, while Burger King gained 10.3 per cent. Comparable sales at Popeyes fell 3.0 per cent and Firehouse Subs added 4.2 per cent.

Advertisement

On an adjusted basis, Restaurant Brands says it earned 64 cents per diluted share for the quarter, up from an adjusted profit of 55 cents per diluted share a year ago.

Analysts on average had expected an adjusted profit of 61 cents per share and US$1.39 billion in revenue, according to financial markets data firm Refinitiv.