Restaurant Brands reports US$336 million Q4 profit, names new CEO

By The Canadian Press on February 14, 2023.

TORONTO – The parent company of Tim Hortons and Burger King reported its fourth-quarter net income rose to US$336 million compared with a profit of US$262 million a year earlier.

Restaurant Brands International Inc., which also includes Popeyes Louisiana Kitchen and Firehouse Subs, also announced that chief operating officer Joshua Kobza will become chief executive effective March 1, replacing José Cil who will remain with the company for a year as an adviser and assist in the transition.

The company, which keeps its books in U.S. dollars, says its profit for the three months ended Dec. 31 amounted to 74 cents per diluted share compared with a profit of 57 cents per diluted share in the last three months of 2021.

Revenue totalled US$1.69 billion, up from US$1.55 billion a year earlier.

On an adjusted basis, RBI says it earned 72 cents per diluted share in its latest quarter, down from an adjusted profit of 74 cents per diluted share a year earlier.

Analysts on average had expected a profit of 73 cents per share and US$1.67 billion in revenue, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 14, 2023.

Companies in this story: (TSX:QSR)

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