Restaurant Brands International Inc. (NYSE: QSR), the operator of Burger King, Tim Horton and Popeyes, announced its financial results for the fourth quarter of fiscal 2017.
According to the company, revenue of the company increased from $1.111 billion to $1.234 billion for the fourth quarter, which was below analysts’ estimates of $1.575 billion. Net income for the fourth quarter rose from $118.4 million, or $0.50 per share, for the same period last year, to $395 million, or $1.59 per share. Adjusted earnings per share was $0.66 per share for the quarter, also missing estimates of $0.72 per share.
“We are pleased to report another year of strong results. After acquiring POPEYES® earlier in 2017, we made good progress integrating the business, and we remain highly encouraged by the brand's growth potential. We also improved system-wide sales growth at BURGER KING® this year, driven by accelerated net restaurant growth and continued comparable sales momentum,” Daniel Schwartz, the Chief Executive Officer of the company, said in the statement on Monday.
“The continued growth prospects for each of our three iconic brands excites us, and we believe we have the right strategy in place to create further value for all of our stakeholders over the long run,” he said.