Burger King Owner Restaurant Brands International's 4Q Profit Falls

By Dave Sebastian

Restaurant Brands International Inc., the parent of Burger King, Tim Hortons and Popeyes, said fourth-quarter profit fell as the pandemic continued to have an effect on the hospitality sector, though the company raised its quarterly dividend by a penny to 53 cents a share.

The company Thursday reported net income of $91 million, down from $165 million a year earlier. Earnings were 30 cents a share, down from 54 cents a share in the prior year.

Adjusted earnings were 53 cents a share, lower than the 66 cents a share analysts polled by FactSet had expected.

Revenue fell to $1.36 billion from $1.48 billion a year earlier, and was lower than the $1.37 billion analysts had expected.

Comparable sales for Tim Hortons fell 11%, Burger King's dropped 7.9% and Popeyes's fell 5.8%, the company said. Digital sales more than doubled in North America for the year, it said.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

February 11, 2021 07:29 ET (12:29 GMT)

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