Restaurant Brands International (TSX:QSR, NYSE:QSR) has reported third-quarter revenue that missed expectations but an earnings beat, sending its shares lower in Friday premarket trading.
The parent company of Burger King, Tim Hortons, Popeyes Louisiana Kitchen, and Firehouse Subs said revenue growth was supported by higher system-wide sales in all four segments.
However, net income was impacted by an income tax expense versus an income tax benefit in the prior year period, unfavorable foreign currency movements and higher input costs.
Revenue rose 6.4% to $1.84 million, falling short of the $1.88 billion consensus estimate of analysts. Adjusted earnings per share declined by 5.6% to $0.90 but still beat the $0.86 consensus estimate.
“These results reflect our focus on enhancing operations, delivering great guest and team member experiences, and providing great value with the best quality products in each of our brands' respective categories,” CEO Josh Kobza commented in a statement.
“I am confident we are well positioned to enter 2024 with momentum."
The company's NYSE-listed shares fell 3% to US$69.09 ahead of the opening bell.
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