Restaurant Brands International Reported Fourth-Quarter Earnings Tuesday
Feb 15, 2022 By MarketDepth
Restaurant Brands International (NYSE: QSR) reported fourth-quarter earnings Tuesday, topping analysts’ expectations as well as results for the full year. Shares were up more than 4% during morning trading following the news.
Higher than Expected
The multinational fast-food holding company reported earnings of USD0.74 per share, compared to the expected USD0.70 a share. Revenue amounted to USD1.55 Billion, higher than analysts anticipated 1.5 Billion. Furthermore, fourth-quarter net income totaled USD261 Million, up from the previous year’s USD138 Million.
“I’m proud of the strong performance our brands delivered as we closed out 2021. During the quarter, we saw sequential improvements in each brand and around the world, including notable growth at Tim Hortons Canada and Burger King U.S..”José Cil, Chief Executive Officer of RBI
The positive results came as digital orders made up almost a third of the company’s global sales. Global digital sales grew from USD6 Billion in 2020 to USD10 Billion in 2021, 30% of RBI’s system-wide sales. The company’s digital growth developed as its restaurants experienced labor shortages, causing reduced operating hours and shuttered dining rooms.
“Our growth throughout 2021 resulted in strong free cash flow generation, allowing us to make important investments in our business while returning over $1.5 billion of capital to shareholders and acquiring a new restaurant brand in Firehouse Subs. I am excited for what lies ahead for our family of four iconic brands and am confident in the strength of our team, our franchisees and our strategies to drive long-term growth and value creation.”Jose Cil, Chief Executive Officer of RBI