Restaurant Brands Rises After Earnings Beat, Revenue Miss

Shares of Restaurant Brands  (QSR) - Get Restaurant Brands International Inc 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.