Restaurant Brands International reports $1.34bn total revenues for Q2 2018

2nd August 2018 (Last Updated August 2nd, 2018 14:39)

Restaurant Brands International (RBI), a multinational operator of the Burger King and Tim Hortons chains, has reported total revenues of $1.34bn for the second quarter ending 30 June.

Restaurant Brands International reports $1.34bn total revenues for Q2 2018
RBI currently operates Tim Hortons restaurant brand. Credit: Tim Hortons.

Restaurant Brands International (RBI), a multinational operator of the Burger King and Tim Hortons chains, has reported total revenues of $1.34bn for the second quarter ending 30 June.

The company’s total operating costs and expenses total $840.7m, compared to $718.3m during the previous year.

Restaurant Brands International’s net income was $314.2m, compared to their second quarter net income of 243.5m last year.

Adjusted EBITDA of the restaurant franchise chain increased by 6% to $562.1m, compared to $531.1m for the same period last year.

“We have implemented a number of initiatives which we believe will drive improved comparable sales over the long run.”

RBI also reported a strong system-wide sales growth at its Burger King and Popeyes restaurants, which was primarily driven by a net restaurant growth of 3%. Comparable sales of the company fell flat.

RBI chief executive officer Daniel Schwartz said: “During the second quarter, we continued to grow each of our three iconic brands, and we made good progress against the 2018 priorities that we outlined last quarter.

“At Tim Hortons, we have implemented a number of initiatives under our ‘Winning Together’ plan including the launch of Breakfast Anytime which we believe will drive improved comparable sales over the long run.

“We also delivered strong system-wide sales growth at Burger King and Popeyes, driven by accelerated net restaurant growth. We are very optimistic about the long-term growth potential for each of our brands and remain focused on driving improved guest satisfaction and franchisee profitability.”

Basic earnings per common share of the company stood at $0.67, compared to $0.38 last year.

Diluted earnings per common share were $0.66, compared to $0.37 for 2017.