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Restaurant Stocks: Earnings to Watch

Burger King

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Burger King (BKC) reports 2011 fiscal first quarter earnings Nov. 10.

Expected Revenue: $614.1 million, compared with year-earlier sales of $636.9 million.

Expected Net Income: $44.1 million, compared with year-earlier earnings of $46.6 million.

Expected Net Earnings Per Share: 32 cents, compared with year-earlier EPS of 34 cents per share.

Analysis: Stifel Nicolaus's Steve West has a hold rating on Burger King shares with a $23.98 price target.

Burger King announced in early September it had agreed to be taken private by 3G Capital for $24 per share .

Despite the pending acquisition West said Burger King's results should be used by investors as a guide to the quick-service segment as a whole, as well as for global dining-out trends.

He expects fiscal 2011 first-quarter same-store sales will be down 1.5% due to declining traffic and reduced discounting, compared with comps declines of 4.6% in the first fiscal quarter of 2010.

"We believe the new breakfast menu and advertising along with adding Seattle's Best coffee should create more competition in the market, although we still believe the need for accelerated remodeling at Burger King is more important to compete with McDonald's than any other menu or strategy initiatives," he added.

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