EPS of 90c beat estimates of 85c; revenue of $1.83B was 1% off estimates. EBITDA of $698M was 2% better than expected. Tim Hortons missed EBITDA expectations and Burger King continues to struggle. QSR is planning to close 600 Burger King locations. Going forward, Restaurant Brands' 4Q same-store sales could grow in the mid-single digits at Burger King, Tim Hortons and Popeyes despite weaker consumer spending. Burger King may be fueled by improved operations, increased ad spending, strong digital order growth and US remodels. Food sales and cold-beverage gains could boost Tim Hortons' results. Popeyes could get a lift from new sweet and spicy wings and digital order growth. Popeyes should contribute meaningfully to net-unit gains this year, but that will be partly offset by the Burger King closures in the US. Still, management expects 2023 net-unit growth to top 2022's 2.5%.We would consider the results good enough.
5i Research Answer: