Restaurant Brands International (RBI) has reported net income of $399m in the second quarter (Q2) of 2024, up by 13.5% from $351m a year previously.
The rise in net income was primarily attributed to an increase in income from operations, partially offset by a loss on early extinguishment of debt and a rise in income taxes.
For the quarter ending 30 June 2024, net income attributable to common shareholders was $280m, up 16.1% from $241m in the previous year's Q2.
RBI's total revenues jumped 17.2% to $2.08bn from $1.77bn a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter increased by 8.4% to $721m from $665m a year previously.
Adjusted operating income also saw a 9.3% organic increase to $632m compared to $677m in 2023.
System-wide sales grew by 5% to $11.25bn in Q2 2024 from $10.94bn in Q2 2023.
Tim Hortons (TH) saw a 5.4% increase in system-wide sales to $1.93bn from $1.87bn in Q2 2023.
Burger King (BK) experienced a slight decline of 0.7% to $2.92bn from $2.94bn in Q2 last year.
Popeyes Louisiana Kitchen and Firehouse Subs reported sales growth of 4.6% and 3.3%, reaching $1.55bn and $316m respectively.
The international (INTL) segment saw a 9.2% growth to $4.51bn.
Comparable sales across the consolidated business increased by 1.9%, with net restaurant growth of 4.0% compared to the previous year.
Notably, TH Canada and the INTL segment drove the global comparable sales increase with growths of 4.9% and 2.6%, respectively, while BK US maintained stable results.
The acquisition of Carrols Restaurant Group, completed on 16 May 2024, is included in the company's consolidated results from the acquisition date through to the end of the quarter.
RBI CEO Josh Kobza said: “I am proud of our teams and franchisees who are delivering compelling value to guests every day through excellent food and beverages, outstanding service and improved convenience.
“Our priorities and balance of thoughtful investments with cost discipline allow us to navigate short-term consumer pressures and drive sustainable results for our business and our franchisees.”
