Burger King parent Restaurant Brands International Inc. reported fourth-quarter earnings that rose to $118.4 million, or 50 cents a share, from $51.7 million, or 25 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were 44 cents, beating the FactSet consensus of 42 cents. Revenue rose to $1.11 billion from $1.06 billion, just above the FactSet consensus of $1.10 billion. Same-store sales for the Tim Horton restaurants grew 0.2%, compared with 6.3% growth in the same period last year, while Burger King same-store sales increased 2.8% vs. a 3.9% increase last year. Restaurant growth was 4.5% for Tim Hortons and 4.9% for Burger King. The stock, which was still inactive in premarket trade, has soared 61% over the past 12 months, while the S&P 500 rose 24%.
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