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In this photo illustration, a Burger King Whopper hamburger is displayed on April 05, 2022 in San Anselmo, California. A federal lawsuit has been filed and is seeking class-action status alleging that fast food burger chain Burger King is misleading customers with imagery that portrays its food, including the Whopper burger, as being much larger than what is actually being served to customers.
Justin Sullivan | Getty Images
Restaurant Brands International on Tuesday posted a strong fourth quarter and named Chief Operating Officer Joshua Kobza as its new chief executive, effective March 1, replacing José Cil.
Here’s how Restaurant Brands performed in the fourth quarter, compared with what Wall Street anticipated, based on an average of analysts’ estimates compiled by Refinitiv:
- Adjusted earnings per share: 72 cents
- Revenue: $1.69 billion vs. $1.67 billion expected
For the three months ended Dec. 31, the company reported net income of $336 million, or 74 cents per share, up from $262 million, or 57 cents per share, a year earlier.
Quarterly revenue of $1.69 billion marked a year-over-year increase of about 9%.
Restaurant Brands, which houses chains Burger King, Tim Hortons, Popeyes and most recently Firehouse Subs, has not been immune to industry-wide rising costs and losses in China and Russia.
But higher prices domestically have boosted demand among budget-conscious customers, beating out fast-casual dining options.
Yum Brands reported a strong fourth quarter last week, mostly propped up by its Taco Bell segment as weak China sales weighed on Pizza Hut and KFC. The company credited U.S. momentum to its chains’ affordable options.
Similarly, McDonald’s profited from changes in consumer spending behavior with a fourth-quarter revenue bump fueled by higher menu prices and increased demand.
This is breaking news. Please check back for updates.
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