Restaurant Brands International (QSR 59.00, +2.49) has climbed 4.4% in pre-market after reporting mixed results.
The quick-service restaurant operator reported above-consensus fourth quarter earnings of $0.66 per share on an 11.0% year-over-year increase in revenue to $1.23 billion, which was shy of expectations.
Sales at company-operated restaurants increased 6.5% year-over-year to $606.20 million while franchise and property revenue grew 15.8% year-over-year to $628.00 million.
Adjusted EBITDA increased 10.8% year-over-year to $606.30 million.
Comparable sales at Tim Horton's edged up 0.1% year-over-year while comparable sales at Burger King rose 4.6% year-over-year. Comparable sales at Popeye's decreased 1.3% year-over-year. On a system-wide basis, sales at Tim Horton's grew 2.4%, sales at Popeye's increased 6.8%, and sales at Burger King rose 12.3%.
The company opened 135 Tim Horton's locations over the past year, bringing its total store count to 4,748. 167 Popeye's restaurants were opened to bring the total store count to 2,892. The company ended the quarter with 16,767 Burger King restaurants, up 1,029 year-over-year.