Tim Hortons owner sees big jump in profit in 2016, revenue edges up
A Tim Hortons coffee cup is seen in New York on Wednesday, July 22, 2009. (AP / Seth Wenig)
OAKVILLE, Ont. - The owner of Tim Hortons and Burger King has served up a big jump in profit.
Restaurant Brands International Inc. (TSX:QSR, QSP) says its net income for the 12 months ended Dec. 31 was US$345.6 million, or $1.45 per share, including US$118.4 million or 50 cents per share in the fourth quarter.
The full-year profit, reported in U.S. currency, was up from $103.9 million or 50 cents per share in 2015 and fourth-quarter net income was up from $51.7 million or 25 cents per share.
RBI 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.
Total revenue for 2016 was US$4.15 billion, including US$1.11 billion in the fourth quarter. Revenue in 2015 was $4.05 billion, including $1.06 billion in that year's fourth quarter.
Tim Hortons accounted for US$3.00 billion of RBI's total annual revenue while Burger King contributed $1.14 billion for the year.