Toronto-based Restaurant Brands International (QSR), the parent company of Tim Hortons,
has reported better-than-expected fourth quarter earnings and named Chief Operating Officer Joshua Kobza as its new chief executive officer.
Kobza will replace outgoing CEO José Cil effective on March 1 of this year.
For the fourth quarter of 2022, Restaurants Brands International reported net income of $336 million U.S., or $0.74 U.S. per share, up 28% from $262 million U.S. or $0.57 U.S. a share in the year earlier period.
Revenue in the quarter ended December 31, 2022 totalled $1.69 billion U.S. versus $1.67 billion U.S. that was expected on Wall Street. The quarterly revenue was up 9% year-over-year.
In addition to Tim Hortons, Restaurant Brands International owns Burger King, Popeyes, and Firehouse Subs.
The company said that Q4 sales declines in China and Russia were offset by higher sales and prices in its domestic North American market.
Restaurant Brands added that it has seen demand strengthen among budget-conscious consumers as inflation has pushed prices higher over the last year.
Restaurant Brands International’s stock has risen 26% over the past 12 months to trade at $91.37 per share.