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New York - Restaurant Brands International, the owner of Burger King and Tim Hortons, reported second-quarter profit that beat analysts’ estimates as new items helped the company weather a rough patch for the fast-food industry.
Profit was 41 cents a share, excluding some items, the Oakville, Ontario-based company said Thursday in a statement. Analysts estimated 35c, on average. Revenue was little changed at $1.04bn, in line with analysts’ $1.05bn average projection.
Burger King has relied on new food and meal deals to draw customers in a fiercely competitive fast-food market. The company recently started selling Mac n’ Cheetos, deep-fried sticks of macaroni and cheese encrusted in Cheetos-flavored breading. Earlier this year, Burger King added grilled Oscar Mayer hot dogs to its menu, along with an Egg-normous burrito and Chicken Fries Rings.
Restaurant Brands said in a separate statement that it has approved $300m in share repurchases over the next five years.
Shares of Restaurant Brands rose 0.7% to $44.79 on Wednesday in New York, before the results were released. The stock has advanced 20% this year.
