Restaurant Brands International (TSX:QSR, NYSE:QSR) is expected to post increased sales but a drop in profit when it serves up its second-quarter financial results on Tuesday, August 8.
The company - whose brands are Tim Hortons (TSX:THI), Burger King, Popeyes Louisiana Kitchen (NASDAQ:PLKI), and Firehouse Subs – is expected to report a 6.4% year-over-year increase in sales to $1.74 billion, up from $1.64 billion in the comparable quarter in 2022.
Adjusted earnings per share (EPS), however, are expected to decline 7.3% from $0.82 to $0.76, according to Zacks Consensus Estimate.
Analysts remain positive on the stock, with Wells Fargo & Company (NYSE:WFC) awarding it an ‘Equal Weight’ rating and upping their price target from $75 to $76 in a July 19 note to clients.
Jefferies Financial Group has a ‘Hold’ rating on the company but on July 20 also raised its price target from $68 to $73.
Attracting market attention ahead of Restaurant Brands International (TSX:QSR, NYSE:QSR)'s results was the news of a significant investment in the stock by investment firm AGF Management (TSX:AGF.B), who upped its position in the company during the first quarter.
According to a filing with the Securities and Exchange Commission, the firm raised its position by more than 600% bringing its total holdings to 99,480 shares, valued at about $6.7 million at the time of filing.
Restaurant Brands International (TSX:QSR, NYSE:QSR) shares traded at $73.92 on Friday afternoon. The stock is up 14.6% in the year to date.
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