Tim Hortons parent company RBI reports US$361M Q4 profit, raises quarterly dividend
The parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs raised its quarterly dividend as it reported fourth-quarter net income of US$361 million.
Restaurant Brands International Inc. (RBI), which keeps its books in US dollars, says it will pay a quarterly dividend of 62 cents US per share, up from 58 cents US per share.
The increased payment came as the company said its profit amounted to 79 cents US per share for the quarter ended Dec. 31, down from US$726 million or US$1.60 per diluted share a year earlier.
On an adjusted basis, the company says it earned 81 cents US per diluted share in its latest quarter, up from an adjusted profit of 75 cents US per diluted share a year earlier.
Revenue totalled US$2.30 billion for the quarter, up from US$1.82 billion in the last three months of 2023, as system-wide sales totalled US$11.28 billion in its latest quarter, up from US$10.89 billion a year earlier.
Global system-wide sales grow 5.6% for the fourth quarter and 5.4% for 2024 and global comparable sales were up 2.5% in Q4, and 2.5% at Tim Hortons Canada.
Overall comparable sales rose 2.5%.
"I am proud of our performance this year, reflecting the strong foundations we're building across our businesses and the dedication of our teams and franchisees who are executing the fundamentals of quality, service, and convenience with excellence,” wrote Josh Kobza, chief executive officer of RBI upon the release of the company’s results. “As we look ahead, we remain focused on thoughtful marketing, operational improvements, and modern image to enhance the guest experience, drive franchisee profitability, and deliver long-term growth for our brands and shareholders."
Restaurant Brands International is one of the world's largest quick service restaurant companies with nearly $45 billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries and territories
With files from RBI
