NEW YORK (TheStreet) -- Shares of Restaurant Brands International(QSR) - Get Report are up nearly 4% Monday after the parent of Burger King and Tim Hortons reported better-than-expected quarterly earnings.
Excluding one-time items, the company earned 30 cents a share, topping analysts' expectations of 25 cents, according to Thomson Reuters. Revenue came in at $1.04 billion, also beating expectations of $1.01 billion.
The company said comparable-store sales rose 6.7% at Burger King, driven by product launches including the A.1. Hearty Mozzarella Bacon Cheeseburger, Extra Long Pulled Pork Sandwich and Chicken Fries. Comparable-store sales climbed 5.5% at Tim Hortons during the quarter, boosted by strength in dark roast coffee and its Creamy Chocolate Chill beverage. By contrast, rival McDonald's(MCD) - Get Report reported a 0.7% decrease in global comparable-store sales during the quarter ended in June.
Restaurant Brands Chief Executive Daniel Schwartz said in a statement the company's "continued expansion of our global footprint combined with effective marketing and successful product launches drove system-wide sales growth."
Tim Hortons added 52 net new restaurants during the quarter, ending the period with 4,776 locations. Burger King added 141 net new restaurants in the second quarter, ending the period with 14,528 locations. Last year, Burger King purchased Tim Hortons for $11 billion, forming Restaurant Brands. Restaurant Brands says it has over $23 billion in system-wide sales and over 19,000 restaurants in approximately 100 countries and U.S. territories.