Tim Hortons owner RBI reports 87% increase in profits

OAKVILLE, Ont. -- Tim Hortons parent company Restaurant Brands International Inc. reported an 87 per cent rise in profits during its second quarter.

The company, which reports in U.S. dollars, earned $167.6 million in its most recent quarter, an increase from $89.5 million in the year-earlier quarter.

Tim Hortons system-wide sales grew by more than two per cent, while its other brands Popeye's Louisiana Kitchen and Burger King saw growth of 11 and eight per cent, respectively.

On an adjusted basis, RBI earned 66 cents per share in the most recent quarter, beating analyst expectations for 63 cents per share, according to Thomson Reuters Eikon.

The fast food giant's revenue showed a slight uptick to $1.14 billion during the quarter, up from $1.13 billion the year before.

The improved results came amid a handful of changes at Tim Hortons, including the launch of all-day breakfast and renovations to its restaurants, which RBI is hoping will improve the company's image after months of arguments with franchisees.

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