- Restaurant Brands International Inc (NYSE:QSR) reported first-quarter FY23 sales growth of 9.6% year-on-year to $1.59 billion, beating the consensus of $1.56 billion.
- Consolidated comparable sales increased 10.3%, and net restaurants grew 4.2% versus the prior year. System-wide sales increased 14.7%.
- Comparable sales for Tim Horton rose 13.8%, Burger King increased 10.8%, and Popeyes Louisiana Kitchen grew 5.6%.
- Revenue for Tim Horton’s climbed 8.6% Y/Y, Burger King rose 9.3%, and Popeyes Louisiana Kitchen increased 13.5%.
- General and administrative expenses increased 31.6% Y/Y. The operating margin was 28.1%, and operating income for the quarter fell 0.7% to $447 million.
- Adjusted EBITDA for the quarter rose 11% Y/Y to $588 million.
- Restaurant Brands held $1 billion in cash and equivalents as of March 31, 2023. Net cash provided by operating activities for the quarter totaled $95 million.
- Adjusted EPS of $0.75 beat the analyst consensus of $0.64.
- Net debt as of March 31, 2023, was $12.3 billion.
- Restaurant Brands’ Board of Directors has declared a dividend of $0.55 per common share, payable on July 6, 2023, to shareholders of record on June 22, 2023.
- Price Action: QSR shares closed higher by 0.67% at $70.60 on Monday.
Mizuho Maintains Buy on Apartment Income REIT, Raises Price Target to $45
Mizuho analyst Haendel St. Juste maintains Apartment Income REIT (NYSE:AIRC) with a Buy and raises the price target from $41 to $45.
