Burger King parent's earnings beat estimates as systemwide sales top 2019 levels

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Jose Cil, CEO of Restaurant Brands International, speaks during an interview with CNBC on the floor at the New York Stock Exchange, November 6, 2019.

Brendan McDermid | Reuters

Restaurant Brands International on Friday reported quarterly earnings that topped Wall Street’s expectations as its systemwide sales surpassed 2019 levels.

Shares of the company were roughly flat in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: 55 cents adjusted vs. 50 cents expected
Revenue: $1.26 billion vs. $1.25 billion expected

The company reported fiscal first-quarter net income of $270 million, or 58 cents per share, up from $224 million, or 48 cents per share, a year earlier.

Excluding items, Restaurant Brands earned 55 cents per share, beating the 50 cents per share expected by analysts surveyed by Refinitiv.

Net sales rose 2.9% to $1.26 billion, beating expectations of $1.25 billion. The company said that the revenue increase was primarily driven by favorable foreign currency movements.

This story is developing. Please check back for updates.

This article was originally published by Cnbc.com. Read the original article here.