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Restaurant Brands International Inc. profit misses consensus by 33.5% in Q3

Restaurant Brands International Inc. said its normalized net income for the third quarter came to 19 cents per share, compared with the S&P Capital IQ consensus estimate of 29 cents per share.

The per-share result swung to a profit from the prior-year loss of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $92.1 million, compared with a loss of $6.1 million in the year-earlier period.

The normalized profit margin climbed to 9.3% from negative 2.2% in the year-earlier period.

Total revenue grew 265.6% year over year to $1.02 billion from $278.9 million, and total operating expenses grew 547.2% from the prior-year period to $640.7 million from $99.0 million.

Reported net income came to $114.5 million, or 24 cents per share, compared with a loss of $24.6 million, or a loss of 7 cents per share, in the prior-year period.