Restaurant Brands said adjusted earnings for the three months ending in June came in at 71 cents per share, up 7.6% from the same period last year and 5 cents ahead of the Street consensus forecast. Group revenues, the company said, rose 4.24% to $1.4 billion, coming in just in front of analysts' estimates.
System wide sales for the group's Burger King franchise rose 9.8% from the same period last year, Restaurants Brands said, while while comparable sales rose 3.6%, firmly ahead of the Street consensus. Comparable sales from its two other brands -- Tim Horton's and Popeye's Louisiana Kitchen -- rose 0.5% and 3% respectively.
"We are excited by the tremendous opportunity for restaurant growth in front of us, most recently highlighted by new partnerships we announced for Popeyes in China and Spain, and Tim Hortons in Thailand," said CEO Jose Cil. "We are working closely with our restaurant owners to deliver an enhanced guest experience including technology like delivery, kiosks and outdoor digital menu boards."
"We also continue to attract leading talent in the industry to join our company and to contribute to our aspiration to build the most loved restaurant brands in the world," he added.
Restaurant Brands shares were marked 6.25% higher in Friday trading following the earnings release to change hands at $77.35 each, a move that extends the stock's year-to-date gain to around 47%.