By Senad Karaahmetovic
Restaurant Brands (NYSE:QSR) shares are moving lower in pre-market Tuesday after the Burger King owner missed analyst estimates for fourth-quarter adjusted Ebitda.
Restaurant Brands reported EPS of $0.72 on revenue of $1.69 billion, which compares to the analyst estimate of $0.74 on revenue of $1.67B. The company posted adjusted Ebitda of $588M, missing the $608.4M consensus.
José Cil, Chief Executive Officer of RBI commented, "We rounded out an exciting 2022 with another strong quarter, including nearly 8% consolidated comparable sales and 4% net restaurant growth, reflecting the strength of four iconic, global brands.”
Burger King comparable sales rose 8.4% while Popeye’s sales were up 3.8%. On a more positive note, Tim Horton’s comparable sales jumped 9.4%. Overall, company-wide sales were $9.93B, missing the $10.3B estimate.
"We are focused on being guest-led in everything we do, setting our franchisees up for long-term success and as a result, setting ourselves, and our shareholders, up for long-term value creation," the company said.
The company also announced that it has appointed Joshua Kobza as the company's Chief Executive Officer (CEO) effective March 1, 2023. Mr. Kobza has been with the company over the last 11 years, including acting as Chief Operating Officer for the last four years.