Restaurant Brands International (TSX:QSR.B), parent company of the Tim Hortons coffee chain, reported mixed third quarter results, missing on revenue but beating expectations for profits.
Restaurant Brands said it earned $221 million U.S. in net income attributable to common shareholders or 70 cents U.S. per share for the third quarter ended September 30, up from $145 million U.S. or 47 cents U.S. per share a year earlier.
Revenue at the company, which also owns the Burger King hamburger chain, totaled nearly $1.5 billion U.S., up from $1.33 billion U.S. in the same quarter of last year.
The increase came as comparable sales rose 8.9% at Tim Hortons and 7.9% at Burger King. Popeyes chicken, another holding, saw a drop in comparable sales of 2.4% in the quarter.
On an adjusted basis, Restaurant Brands said it earned 76 cents U.S. per diluted share in the quarter, up from 68 cents U.S. per diluted share a year ago. Analysts on average had expected a profit of 74 cents U.S. per share, according to financial markets firm Refinitiv data.
Restaurant Brands said that Tim Hortons continues to struggle with a lack of foot traffic from workers in downtown and urban settings as the work from home trend continues. Tim Hortons recently launched a national campaign to hire more frontline restaurant workers across Canada.
