Restaurant Brands More Than Doubles 2Q Profit, Increases Buyback Authorization
Restaurant Brands International Inc. on Friday reported a more-than-doubled profit in the second quarter and said it would increase its share buyback authorization to $1 billion.
The Canadian-American fast-food holding company--which houses the Tim Hortons and Burger King brands--said earnings per share were 84 cents up from 35 cents in the comparable quarter a year ago.
Burger King Has Work to Do, RBI CEO Says -- Market Talk
0913 ET - Burger King-owner Restaurant Brands says the brand needs more work in the US. CEO Jose Cil says in 2Q earnings that breakfast remains an area for improvement. "We haven't put enough focus in the few priorities that will have the biggest impact," Cil says. Burger King's new chicken sandwich is selling about double the levels of the previous one, and is attracting higher-income guests to the brand, he says. The company similarly needs to do more to improve its menu and stores, Cil says. (firstname.lastname@example.org; @heatherhaddon)
Bloomin' Brands Guides for 3Q Results Above Wall Street Consensus
Bloomin' Brands Inc. on Friday gave guidance for its third quarter that included greater sales and profit estimates than those issued by outside analysts.
The Tampa-based restaurant company said it expects third-quarter revenue of at least $1.02 billion, and adjusted earnings of at least 50 cents a share. Wall Street analysts had been forecasting revenue of $998 million and adjusted earnings of 34 cents a share, according to FactSet.
STORIES OF INTEREST
Kroger To Encourage Workers, Customers to Wear Masks -- Market Talk
1456 ET - Kroger said it will now strongly encourage vaccinated employees and customers to wear masks. The grocery chain previously said vaccinated employees and customers did not have to wear face coverings. The company added that it will continue to require unvaccinated employees to put on masks. Retailers are taking varied approaches with their mask mandates following new guidance from the Centers for Disease Control and Prevention that recommends people to wear coverings in areas of substantial or high transmission risk. (email@example.com ;@_jaewonkang)
Dole Shares Soften on Debut
Dole PLC marked a sour debut Friday as its shares fell below the price set for the fruit and vegetable company's scaled-back initial public offering.
After midday, the shares were trading at $15.02 on the New York Stock Exchange, 6.1% below the $16 the IPO was priced at, the low end of the projected range. They opened at $15.
Livestock Finishes Lower on Demand Concerns -- Market Talk
1517 ET - Livestock futures finished trading this week lower -- with the CME most-active live cattle contract closing down 0.7% to $1.272 per pound and the lean hog contract closing down 1.1% to 88.025 cents per pound. For both, demand is a concern among traders, says Arlan Suderman of StoneX. The protein sector is... under pressure, with disappointing cash markets weighing on live cattle futures, while the lean hog market worries about a lack of Chinese buying, with supplies expected to seasonally increase heading into the fourth quarter," says Suderman. (firstname.lastname@example.org; @kirkmaltais)
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