NEW YORK - Restaurant Brands International Inc. (NYSE:QSR) reported second quarter results that fell short of analyst expectations, sending shares down 2.5% in premarket trading Thursday.
The parent company of Burger King, Tim Hortons and Popeyes posted adjusted earnings per share of $0.86, missing estimates by $0.01. Revenue came in at $2.08 billion, slightly below the $2.1 billion consensus forecast.
System-wide sales grew 5% year-over-year, driven by 1.9% comparable sales growth and 4% net restaurant growth. However, Burger King U.S. saw a 0.1% decline in comparable sales.
"I am proud of our teams and franchisees who are delivering compelling value to guests every day through excellent food and beverages, outstanding service and improved convenience," said CEO Josh Kobza. "Our priorities and balance of thoughtful investments with cost discipline allow us to navigate short-term consumer pressures and drive sustainable results for our business and our franchisees."
The company maintained its full-year capital expenditure guidance of approximately $300 million, excluding its Restaurant Holdings segment. It now expects adjusted net interest expense between $565-$575 million for 2024.
Restaurant Brands reaffirmed its long-term targets through 2028, including over 3% comparable sales growth and over 8% system-wide sales growth annually on average.
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