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Restaurant Brands International Reports on Third Quarter

11/01/2021

In an October 25th release, Restaurant Brands International Inc. (QSR) reported on the third quarter of fiscal 2021 ending September 30th.

 

For the period, the company posted net income of $329 million on total revenue of $1,495 million with a diluted EPS of $0.70.  Comparable values for the third quarter of fiscal 2020 were net income of $223 million on revenue of $1,337 million with an EPS of $0.47.  In reviewing the major operating segments, the following values were provided the release:-

 

  • Tim Horton’s posted revenue of $885 million, adjusted EBITDA of $278 million, Comparable same-store sales were up 8.9 percent with 5,137 units.

 

  • Burger King posted revenue of $467 million, with an adjusted EBITDA of $272 million.  Comparative same-store sales were up 7.9 with 18,923 stores.

 

  • Popeye’s Louisiana Kitchen attained revenue of $143 million with an adjusted EBITDA of $57 million.  Comparative sales were down 2.4 percent with 3,607 stores.

 

Restaurant Brands International posted assets of $22,928 million including interest, goodwill and intangibles of $6,395 million.  Long-term debt including lease obligations amounted to $15,661 million.

In commenting on Q3 results Jose Cil, CEO commented, “Our results this quarter reflect the value of having a diversified business model across three brands and in over 100 countries.  Overall, we saw continued acceleration in system-wide sales growth relative to 2019 reflecting improvements in the Tim Horton’s Canada business as well as strength across each of our brand’s international businesses.”

 

Restaurant Brands International has a market capitalization of $18.173 billion.  QSR has traded over 52 weeks in a range of $51.12 to $71.12 with a 50-day moving average of $62.29.

 

On a 12-month trailing basis, operating margin was 35.7 percent and profit margin 13.5 percent.  The company generated returns on assets of 5.4 percent and 28.2 percent on equity.  QSR closed on Friday October 22nd pre-release at $61.76 but fell on the Monday close to $58.24.