February 21st, 2024

Tim Hortons parent Restaurant Brands reports Q4 profit and revenue up from year ago

By The Canadian Press on February 13, 2024.

TORONTO – Restaurant Brands International Inc. reported its fourth-quarter net income more than doubled compared with a year ago.

The parent company of Tim Hortons, Burger King and other brands, which keeps its books in U.S. dollars, says its net income totalled US$726 million or $1.60 per diluted share.

The result was up from US$336 million or 74 cents US per diluted share for the last three months of 2022.

The company says the increase was driven by a larger income tax benefit and increased income from operations, partially offset by higher interest costs.

On an adjusted basis, Restaurant Brands says it earned 75 cents US per diluted share in its most recent quarter, up from 72 cents US per diluted share a year earlier.

Revenue totalled US$1.82 billion, up from US$1.69 billion in the same quarter a year earlier.

This report by The Canadian Press was first published Feb. 13, 2024.

Companies in this story: (TSX:QSR)

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