
Restaurant Brands Rises After Earnings Beat, Revenue Miss
Shares of Restaurant Brands (QSR) - Get Free Report were higher after the parent of Burger King, Popeyes and Tim Hortons reported mixed third-quarter results.
The Toronto company reported adjusted earnings of US$0.76 a share on revenue of $1.5 billion. According to a FactSet survey, the earnings topped expectations of 74 cents a share while analysts were expecting revenue of $1.52 billion.
GAAP net income was 70 cents a share versus 45 cents in the year-earlier quarter.
Restaurant Brands remains "on track to return to prepandemic unit-growth levels this year and well positioned to accelerate in 2022 as we continue on our path to 40,000 restaurants around the world," Chief Executive Jose Cil said in a statement.
At last check Restaurant Brands shares were 1.5% higher at $62.90.
The company said Covid-19 contributed to labor shortages that led some restaurants to shorten their hours or reduce service.