Restaurant Brands International (RBI), a multinational fast food corporation, has reported a net income attributable to common shareholders of $230 million for the first quarter (Q1) of 2024, marking a 21.7% increase from $189 million in the same period of 2023.
In the first quarter of 2024, diluted earnings per share amounted to $0.72, compared to $0.61 in Q1 2023.
Revenue surged by 9.4%, reaching $1.74 billion in Q1 2024, up from $1.6 billion in the preceding year.
For the quarter ended on March 31, 2024, income from operations amounted to $544 million, marking a 21.7% increase compared to the $447 million recorded in the prior year. Additionally, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 6.6%, reaching $627 million, up from $588 million.
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The company’s presence extended as the consolidated restaurant count reached 31,113 by the end of the March 2024 quarter, a 3.9% increase from 29,956 a year earlier.
Comparable sales for the consolidated entity increased by 4.6% year-on-year, while system-wide sales for the consolidated group expanded by 8.1%.
Restaurant Brands International CEO Josh Kobza expressed pride in the diligent efforts of their teams and franchisees in delivering high-quality products, excellent service, and an attractive value proposition for guests consistently.
“Our performance mirrors their dedication and the robust groundwork we’ve laid, positioning us to advance ongoing enhancements in franchisee profitability and fulfill our long-term vision.”
RBI provided long-term guidance spanning from 2024 to 2028, projecting over 3% growth in comparable sales, over 5% net restaurant expansion, and over 8% growth in system-wide sales.
Additionally, the company revealed its investment in the Burger King brand, allocating an extra $300 million to the Long-Term Royal Reset program in the US.
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This investment is part of the broader “Reclaim the Flame” strategy, which commenced with a $250 million investment in September 2022 focused on modernizing Burger King restaurants, encompassing technology installations and kitchen equipment upgrades.
The new funding for Royal Reset 2.0 comes after Burger King’s announcement in January 2024 of its acquisition of Carrols Restaurant Group for $1 billion.
The acquisition entails a renovation initiative for 600 Burger King restaurants, aimed at modernizing their appearance. RBI intends to transition nearly all of these establishments to smaller, local operators through refranchising between 2026 and 2030.