Restaurant Brands International ( (QSR) ) has released its Q3 earnings. Here is a breakdown of the information Restaurant Brands International presented to its investors.
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Restaurant Brands International Inc. (RBI) is a leading global quick service restaurant company, owning prominent brands such as Tim Hortons, Burger King, Popeyes, and Firehouse Subs, and operating over 30,000 restaurants worldwide. In its latest earnings report for the third quarter of 2024, RBI revealed a modest 3.2% increase in system-wide sales year-over-year, with comparable sales up by 0.3%. The company also reported a 6.1% organic growth in adjusted operating income, showcasing resilience in a competitive market.
Key financial highlights from the earnings report include a $577 million income from operations, slightly down from the previous year, while adjusted operating income rose to $652 million. Additionally, the adjusted diluted earnings per share increased to $0.93, reflecting a 4.6% organic rise. The report also outlined the strategic acquisitions of Carrols Restaurant Group and Popeyes China, contributing to a new segment, Restaurant Holdings (RH), which is part of RBI’s long-term strategy involving refranchising and partnerships.
RBI’s individual brands exhibited mixed performance, with Tim Hortons and the International segment showing growth in sales, while Burger King and Popeyes faced slight declines in system-wide sales. Nonetheless, the company maintained a focus on its ‘Reclaim the Flame’ initiative, investing in remodels and digital enhancements to boost Burger King’s brand image and profitability.
Looking forward, RBI remains optimistic about achieving its target of over 8% growth in adjusted operating income for 2024. The company’s management continues to prioritize brand investment, franchisee profitability, and guest value, indicating a strategic focus on sustaining long-term growth and resilience in the competitive fast-food industry.
