Restaurant Brands International Reports Strong Q4 Earnings, Beating Estimates
Restaurant Brands International (QSR) released its fourth-quarter financial results on Wednesday, showing a solid performance that exceeded market expectations.
The Toronto-based company reported earnings of $259 million, or 79 cents per share, for the quarter ended December 31, 2023. Excluding non-recurring items, adjusted earnings came in at 81 cents per share.
Analysts surveyed by Zacks Investment Research had forecasted earnings of 79 cents per share, which QSR surpassed. The company's revenue for the quarter amounted to $2.3 billion, also exceeding the Zacks consensus estimate of $2.29 billion.
The operator of Burger King and Tim Hortons saw strong sales growth across its restaurant chains. The company attributes its success to its focus on menu innovation, digital initiatives, and cost optimization.
"We are pleased with our strong finish to the year, which reflects the resilience of our business and the effectiveness of our strategic initiatives," said José Cil, CEO of Restaurant Brands International. "We remain confident in our ability to drive continued growth and create value for our stakeholders in the years to come."
The positive earnings report is likely to be well-received by investors and analysts, solidifying Restaurant Brands International's position as a leading player in the restaurant industry.