Burger King leads Restaurants Brands to solid quarter
- Author: Eleanor Harrison Feb 14, 2017,
Feb 14, 2017, 0:24
OAKVILLE, Ontario (AP) _ Restaurant Brands International (QSR) on Monday reported fourth-quarter earnings of $185.9 million.
RBI's says its full-year revenue was up 2.3 per cent, while revenue in the fourth quarter was up 5.2 per cent year-over-year. The company's 50-day moving average price is $48.90 and its 200 day moving average price is $46.74.
Reuters described the potential deal as a bet by the Ontario-based Restaurant Brands to use its worldwide reach to take Popeyes' Louisiana-style fried chicken and biscuits global.
"I think investors will be sort of surprised and dismayed by the shift around", Dennis Mitchell, senior vice president and senior portfolio manager of Sprott Asset Management, told BNN Monday when discussing Restaurant Brand International's same-store sales.
Popeyes, which is headquartered in Atlanta, Georgia, has a $1.49 billion market cap and nearly 2,600 restaurants around the country.
Analysts were expecting earnings per share of just over 41 cents with revenue coming in at just under $1.11 billion. He rates the stock at overweight with a 52 price target. RBC Capital Markets boosted their price objective on Restaurant Brands International from $49.00 to $54.00 and gave the stock an "outperform" rating in a report on Tuesday, October 25th. They now have a C$52.00 price target on the stock. Zacks Investment Research lowered Restaurant Brands International from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 27th. The company now has an average rating of "Hold" and a consensus target price of $46.55. The business has worked on expanding the footprint of Tim Hortons in both the United States as well as internationally. The company's profits tripled a year ago to $345.6 million.
"I'm not a big fan of quick-service restaurants", he said.
"We accelerated our net restaurant growth on the Tim Hortons side and on the Burger King side". The Company operates through two segments: TH, which includes all operations of its Tim Hortons brand and BK, which includes all operations of its Burger King brand.