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Mar 31, 2024
RBI Q1 2024 Earnings Report
Reported strong first quarter results driven by global comparable sales and net restaurant growth.
Key Takeaways
Restaurant Brands International Inc. reported a consolidated comparable sales increase of 4.6% and net restaurant growth of 3.9% versus the prior year. Income from Operations was $544 million, and Net Income reached $328 million. Diluted EPS was $0.72.
Consolidated comparable sales increased 4.6% and net restaurants grew 3.9% year-over-year.
System-wide sales increased 8.1% year-over-year.
Income from Operations reached $544 million versus $447 million in the prior year.
Net Income was $328 million compared to $277 million in the previous year.
RBI
RBI
RBI Revenue by Segment
Revenue by Segment
Tim Hortons Revenue
CapyFin.comBurger King Revenue
CapyFin.comPopeyes Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
RBI continues to expect consolidated capital expenditures, tenant inducements and incentives of approximately $300 million and adjusted interest expense, net, between $555 million and $565 million. RBI now expects Segment G&A for 2024 between $665 million and $685 million, including share-based compensation and non-cash incentive compensation expense between $180 million and $190 million.
Positive Outlook
- Consolidated capital expenditures, tenant inducements and incentives are expected to be approximately $300 million.
- Adjusted interest expense, net, is projected to be between $555 million and $565 million.
- Segment G&A for 2024 is expected to be between $665 million and $685 million.
- Share-based compensation and non-cash incentive compensation expense is anticipated to be between $180 million and $190 million.
- Long-term consolidated performance from 2024 to 2028: 3%+ Comparable Sales; 5%+ Net Restaurant Growth; 8%+ System-wide Sales growth; and Adjusted Operating Income growth at least as fast as system-wide sales growth.
Challenges Ahead
- No specific negative guidance was provided in the text.
Revenue & Expenses
Visualization of income flow from segment revenue to net income