Market Overview

Restaurant Brands International Inc. Reports Full Year and Fourth Quarter 2018 Results

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RBI achieves consolidated 2018 system-wide sales growth of 7.4%, and increases 2019 dividend target by 11%
TIM HORTONS® comparable sales in Canada accelerates in Q4 to 2.2%, driven by the 'Winning Together' plan
BURGER KING® delivers strong global net restaurant growth, with 2018 net openings of over 1,000 restaurants
POPEYES® continues double-digit profitability growth through accelerated restaurant expansion

TORONTO, Feb. 11, 2019 /PRNewswire/ - Restaurant Brands International Inc. (NYSE:QSR, TSX:QSP) today reported financial results for the full year and fourth quarter ended December 31, 2018.

Restaurant Brands International (CNW Group/Restaurant Brands International Inc.)

Jose Cil, Chief Executive Officer of Restaurant Brands International Inc. ("RBI") commented, "I am pleased to report that our business continued to deliver strong system-wide sales growth in 2018, driven by acceleration of net restaurant growth at Burger King and Popeyes and improved momentum in comparable sales at Tim Hortons through our 'Winning Together' plan. We have demonstrated our increased focus on technology and made notable progress against many of our initiatives including delivery, kiosks, and mobile app development. Throughout the year, we continued to maintain a balanced approach to capital allocation through our increased dividend, share repurchases, and reinvestment in our brands, illustrating our confidence in the long-term growth potential of our business. We remain focused on further growing franchisee profitability and improving guest experience, which we believe will drive value for all of our stakeholders for many years to come."

2018 Growth and Profitability Highlights:

  • System-wide Sales Growth of 7.4%
  • Net Restaurant Growth of 5.5%
  • Diluted EPS of $2.42 versus $2.54 in prior year
  • Adjusted Diluted EPS of $2.63 versus $2.10 in prior year
  • Net Income Attributable to Common Shareholders and Noncontrolling Interests of $1,143 million versus $1,211 million in prior year
  • Adjusted EBITDA of $2,212 million increased 4.1% organically versus the prior year on a combined basis (including a full year of Popeyes in both periods)

Dividend Update:

  • RBI announced that its board of directors declared a dividend of $0.50 per common share and partnership exchangeable unit of Restaurant Brands International Limited Partnership ("RBI LP") for the first quarter of 2019
  • In connection with the declared dividend, RBI also announced that it is targeting a total of $2.00 in dividends per common share and partnership exchangeable unit of RBI LP for 2019

Consolidated Operational Highlights



Three Months Ended December 31,


Twelve Months Ended December 31,



2018


2017


2018


2017



(unaudited)


(unaudited)

System-wide Sales Growth









TH


2.4%


2.4%


2.4%


3.0%

BK


8.4%


12.3%


8.9%


10.1%

PLK


6.3%


6.8%


8.9%


5.1%

Consolidated


6.8%


9.3%


7.4%


7.9%

System-wide Sales (in US$ millions)









TH


$

1,727


$

1,745


$

6,869


$

6,717

BK


$

5,528


$

5,302


$

21,624


$

20,075

PLK


$

934


$

888


$

3,732


$

3,512

Consolidated


$

8,188


$

7,935


$

32,225


$

30,304

Net Restaurant Growth









TH


2.1%


2.9%


2.1%


2.9%

BK


6.1%


6.5%


6.1%


6.5%

PLK


7.3%


6.1%


7.3%


6.1%

Consolidated


5.5%

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