Restaurant Brands expects to report Q3 revenue between US$1.32B and US$1.34B

TORONTO – Restaurant Brands International Inc. says it expects to report third-quarter revenue between US$1.32 billion and US$1.34 billion.

The parent company of Tim Hortons, Burger King and Popeyes says the preliminary estimate comes as 96 per cent of its restaurants were open in September.

Adjusted earnings before interest, taxes, depreciation and amortization are expected to be between US$555 million and US$565 million.

The company reported last year US$1.46 billion in total revenue and adjusted EBITDA of US$602 for its third quarter of 2019.

Restaurant Brands says sales at all franchise and company-owned restaurants for the quarter ended Sept. 30, 2020, were down 5.4 per cent compared with a year ago.

Comparable sales at Tim Hortons locations were down 12.5 per cent, while Burger King comparable sales were down 7.0 per cent. Popeyes comparable sales were up 17.4 per cent.

This report by The Canadian Press was first published Oct. 14, 2020.

Companies in this story: (TSX:QSR, TSX:QSP)