BUSINESS

Tim Hortons Owner Restaurant Brands International Raises Dividend On Stronger Sales

07/27/2015 08:23 EDT | Updated 07/27/2016 05:59 EDT
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OAKVILLE, Ont. - Restaurant Brands International Inc. increased its dividend as it reported a profit of US$9.6 million in its latest quarter.

The company behind Tim Hortons and Burger King, which keeps its books in U.S. dollars, says it will pay a quarterly dividend of 12 cents per share, up from 10 cents per share.

The increase came as it said its second-quarter profit amounted to five cents per share for the three months ended June 30. That compared with a profit of $75.1 million or 21 cents per share a year ago before the two brands combined.

Revenue totalled $1.04 billion, up from $261.2 million in the second quarter of 2014 before Burger King acquired Tim Hortons late last year.

On an adjusted basis, Restaurant Brands earned $142.7 million or 30 cents per share in its latest quarter. Analysts had expected a profit of 25 cents per share for the quarter, according to Thomson Reuters.

Same-store sales were up 5.5 per cent at Tim Hortons locations, while Burger King had same-store sales growth of 6.7 per cent.

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