Restaurant Brands International (NYSE:QSR) surpassed analyst expectations in Q4 for earnings and revenue.
The stock fell slightly in premarket trading.
Specifically, Burger King owner posted Q4 earnings per share (EPS) of $0.75, just above the forecast of $0.74. The company's quarterly revenue reached $1.82 billion, exceeding the consensus estimate of $1.8 billion.
QSR said its system-wide sales increased by nearly 10% in the quarter and over 12% throughout the whole of 2023.
Comparable sales saw an impressive rise of nearly 6% in Q4, driven by significant growth of over 8% at Tim Hortons in Canada and more than 6% at Burger King in the U.S.
Digital sales also saw a substantial increase, rising over 20% year-over-year to reach $14 billion in 2023, accounting for more than a third of the company's system-wide sales.
Meanwhile, the fast food holding company said it returned nearly $1.5 billion to shareholders in 2023.
"We are delivering better experiences for our guests, better profitability for our franchisees and are making the right long-term investments behind the growth of our brands,” Josh Kobza, CEO of Restaurant Brands said.
“We have started 2024 with a foundation of strong operational performance and I'm thankful to all our teams, franchisees, and their team members who work so hard to make us successful."