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Restaurant Brands International LP swings to profit in Q3

Restaurant Brands International LP said its normalized net income for the third quarter came to 34 cents per share, compared with a loss of 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $157.2 million, compared with a loss of $6.1 million in the year-earlier period.

The normalized profit margin climbed to 15.6% from negative 2.2% in the year-earlier period.

Total revenue grew 265.6% on an annual basis to $1.02 billion from $278.9 million, and total operating expenses rose 135.1% on an annual basis to $640.4 million from $272.4 million.

Reported net income totaled $114.5 million, or 25 cents per share, compared with a loss of $23.5 million, or a loss of 7 cents per share, in the prior-year period.