Tim Hortons parent Restaurant Brands tops earnings estimates as sales surge

Restaurant Brands International Inc. reported a first-quarter profit of US$277 million, up from US$270 million a year earlier, as its revenue also climbed higher.

Restaurant Brands International Inc. reported a first-quarter profit of US$277 million, up from US$270 million a year earlier, as its revenue also climbed higher.

The parent company of Tim Hortons, which keeps its books in U.S. dollars, says the profit amounted to 61 cents per diluted share for the quarter ended March 31, up from 59 cents per diluted share in the same quarter last year.

Revenue totalled US$1.59 billion, up from US$1.45 billion in the first three months of 2022.

On an adjusted basis, Restaurant Brands says it earned 75 cents per diluted share in its latest quarter, up from an adjusted profit of 64 cents per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of 64 cents per share, according to estimates compiled by financial markets data firm Refinitiv.

In addition to Tim Hortons, Restaurant Brands includes Burger King, Popeyes Louisiana Kitchen and Firehouse Subs.