Restaurant Brands International reports Q1 profit and sales down from year ago
Posted May 1, 2020 5:08 am.
Last Updated May 1, 2020 6:10 am.
TORONTO — Restaurant Brands International Inc. reported its first-quarter profit fell compared with a year ago as the COVID-19 crisis began to take hold.
The parent company of Tim Hortons, Burger King and Popeyes, which keeps its books in U.S. dollars, says it earned net income of US$224 million or 48 cents per diluted share for the quarter ended March 31.
That compared with net income of US$246 million or 53 cents per share in the same quarter a year earlier.
Revenue totalled nearly US$1.23 billion, down from nearly $1.27 billion in the first three months of 2019.
On an adjusted basis, Restaurant Brands says it earned US$227 million or 48 cents per share for the quarter, down from an adjusted profit of US$255 million or 55 cents per share a year ago.
Analysts on average had expected a profit of 51 cents per share and US$1.23 billion in revenue, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 1, 2020.
Companies in this story: (TSX:QSR)
The Canadian Press
