UPDATE: Burger King Posts Better-Than-Expected Q2 Earnings, Lifts Dividend
Burger King Worldwide (NYSE: BKW) reported upbeat earnings for the second quarter.
The Miami, Florida-based company posted quarterly earnings of $75.1 million, or $0.21 per share, compared to $62.9 million, or $0.18 per share, in the year-ago period. Its adjusted EPS came in at $0.25 per share.
Its revenue declined 6.1% to $261.2 million from $278.3 million. However, analysts were expecting earnings of $0.23 per share on revenue of $262.18 million.
Its adjusted EBITDA climbed 13.3% to $182.8 million in the quarter. US and Canada's comparable sales growth was 0.4% in the quarter, while EMEA delivered comparable sales growth of 0.9%.
Burger King's system-wide sales rose 5.4% in constant currency, while global comparable sales climbed 0.9%. Net restaurant growth was 131, a 4.8% rise versus the year-ago period.
Burger King lifted its dividend for the third quarter to $0.08 per share.
The company's press release offered the following comment from BKW Chief Executive Officer, Daniel Schwartz:
"We ended the first half of the year strong as we grew comparable sales across all four regions and accelerated restaurant openings.”
Burger King shares fell 0.94% to close at $26.38 yesterday.
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