BUSINESS

Parent Of Tim Hortons, Burger King Posts US$49.6 Million Q3 Profit

10/27/2015 09:46 EDT | Updated 10/27/2015 10:59 EDT
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OAKVILLE, Ont. — Restaurant Brands International Inc. (TSX:QSR) had US$1.02 billion of revenue in the third quarter, a decline from last year as currency fluctuation took a bite out of Tim Hortons results.

Tim Hortons contributed US$737.7 million of revenue, which was down from US$834.1 million a year earlier — mainly because of the impact of a weaker Canadian dollar.

On a constant-currency basis, Tim Hortons revenue would have been up 6.3 per cent from a year earlier.

Burger King revenue was US$282 million, up 11.2 per cent.

Restaurant Brands was formed last year as a result of the merger that was completed last December.

It reports that it had US$49.6 million of net income or 24 cents per share in the third quarter. If the companies had been combined in the third quarter of 2014, Restaurant Brands would have had a $46.1-million net income or 23 cents per share.

Adjusted net income was US$162.7 million, or 34 cents per share — up from $128.3 million or 27 cents per share on a pro forma basis.

Analysts had estimated 28 cents per share of adjusted earnings and $1.035 billion of revenue, according to Thomson Reuters.

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