Reuters

(Reuters)

Burger King's 2Q Net Climbs 60%, Beats Expectations

By Industrials FOXBusiness

In its first earnings report since returning to the public markets, Burger King Worldwide (BKW) revealed a 60% leap in second-quarter profits on Wednesday as the fast-food chain enjoyed stronger same-store sales growth than archrival McDonald’s (MCD).

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Miami-based Burger King returned to the New York Stock Exchange last month after a complex combination with William Ackman’s Justice Holdings.

The fast-food company said it earned $48.2 million, or 14 cents a share, last quarter, compared with a profit of $30.2 million, or 9 cents a share, a year earlier. Excluding one-time items, it earned 17 cents a share, surpassing the Street’s view of 14 cents a share.

Revenue slumped 9.2% year-over-year to $540.8 million. Burger King said system-wide same-store sales rose 4.4%, exceeding the 3.7% reported by McDonald’s for the second quarter. System-wide sales jumped 6.4%.

“In the U.S. and Canada, our focus on menu, restaurant image, operations, and marketing communication is beginning to generate tangible results,” CEO Bernardo Hees said in a statement. “We are excited to have listed on the NYSE this quarter and believe BKW is well positioned for long-term growth.”

Shares of Burger King were inactive in premarket action but they have gained just over 2% over the past month.

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Private-equity firm 3G Capital took Burger King private in 2010 in a $3.3 billion leveraged buyout and maintains a 71% stake in the publicly-traded company.