Tim Hortons owner's profit beats as costs fall

Restaurant count increased 4.9% for Burger King and 4.5% at Tim Hortons for all of 2016.

Although there has been a slowdown in the restaurant market over the past few months, Restaurant Brands International CEO Daniel Schwartz has committed previously to opening more locations.

Total comparable sales at Burger King rose 2.8 per cent in the fourth quarter ended December 31, beating the average estimate of a 2.5 per cent rise, according to research firm Consensus Metrix.

Comparable sales were up 0.2% at Tim Hortons locations vs. +1.1% consensus estimate. The business has worked on expanding the footprint of Tim Hortons in both the United States as well as internationally. Both companies said in an email to BuzzFeed News they do not comment on market rumors.

WestJet CEO Gregg Saretsky said uncertainty around new US border policies could increase foreign tourist interest in Canada, while Air Canada CEO Calin Rovinescu said if Trump cuts taxes for the American airline industry, Canada might do something similar.




The full-year profit, reported in us currency, was up 233 per cent from $103.9 million or 50 cents per share in 2015 and fourth-quarter net income was up 66.7 per cent from $51.7 million or 25 cents per share.

When making adjustments, earnings per share increased to just over 44 cents compared to 32 cents for the same period one year ago.

In all the Oakville, Ontario-based company reported a profit of $185.9 million, up from $119.2 million a year earlier, before the payout of preferred dividends.

During the quarter, Burger King's USA comps grew 1.8%, beating consensus, and "benefited from strong new product introductions and what we view as one of the strongest value propositions in quick service", wrote Stephens analyst Will Slabaugh in a Monday note. Systemwide sales - which include revenue from franchised stores - grew 2.4% at Tim Hortons and 8.5% at Burger King.

Analysts were expecting earnings per share of just over 41 cents with revenue coming in at just under $1.11 billion.

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