Restaurant Brands International Limited Partnership (RBI) reported significant financial performance for the three and nine months ended September 30, 2024, reflecting robust revenue growth and strategic acquisitions. Total revenues for the third quarter reached $2,291 million, a notable increase from $1,837 million in the same period of 2023. For the nine months, revenues rose to $6,110 million, compared to $5,202 million in the prior year. This growth was driven by strong contributions from supply chain sales, company restaurant sales, and royalties.
The company’s net income for the third quarter was $357 million, slightly down from $364 million in Q3 2023. However, net income for the nine months increased to $1,084 million, up from $992 million in the same period last year. The increase in net income for the nine months was attributed to higher segment income across various brands, including Tim Hortons, Burger King, and Popeyes, as well as a $79 million gain from the revaluation of a previously held equity interest in Carrols Restaurant Group, which RBI acquired in May 2024.
RBI's total assets grew to $25,071 million as of September 30, 2024, up from $23,391 million at the end of 2023. The company’s cash and cash equivalents also increased to $1,176 million, compared to $1,139 million at the end of the previous fiscal year. Total debt rose to $13,659 million, reflecting the financing of the Carrols acquisition, which involved a total cash payment of $543 million and the assumption of $431 million in debt.
The Carrols acquisition, completed on May 16, 2024, has been a significant strategic development for RBI, allowing it to consolidate its position in the fast-food market. The acquisition added approximately $705 million in revenues from Carrols from the acquisition date through September 30, 2024. Additionally, RBI acquired the Popeyes China business in June 2024, further expanding its international footprint.
Operating costs and expenses for the third quarter totaled $1,714 million, up from $1,255 million in Q3 2023, primarily due to increased costs associated with the Carrols acquisition and higher general and administrative expenses. The effective tax rate for the third quarter was 16.7%, up from 14.0% in the same period last year, influenced by changes in income mix and tax legislation.
Overall, RBI's performance reflects a strong recovery trajectory, bolstered by strategic acquisitions and increased operational efficiencies across its brand portfolio.
About Restaurant Brands International Limited Partnership
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