Burger King Q2 Profit Rises, Adj. EPS Tops View - Quick Facts

(RTTNews) - Burger King Worldwide Inc. (BKW) reported that its net income for the second quarter ended June 30, 2014 rose to $75.1 million from last year's $62.9 million, with earnings per share improving to $0.21 from $0.18 in the same quarter last year.

Adjusted earnings increased to $0.25 per share from $0.21 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted Net Income and Adjusted earnings per share increased 19.6% and 19.1% respectively, compared to the prior year, due to an increase in Adjusted EBITDA partially offset by higher share-based compensation expense, higher interest expense, and higher adjusted income tax expense.

Second quarter total reported revenues of $261.2 million declined 6.1% from the prior year primarily due to the net refranchising of 360 company-owned restaurants in 2013. Wall Street expected revenues of $262.18 million for the quarter. On an organic basis, excluding the impact of these global refranchising transactions and currency movements, revenue increased 6.4% year-over-year due to net restaurant growth and global comparable sales growth.

System-wide sales increased 5.4% in constant currency; Global comparable sales increased 0.9% in constant currency with growth across all four regions.

BKW Chief Executive Officer, Daniel Schwartz said, " We plan to deliver another strong second half of the year as we capitalize on the positive momentum we have generated through the continued efforts of our exceptional franchisees, partners, and employees."

On July 31, 2014, the Company's Board of Directors approved an increase in the quarterly dividend to $0.08 per share for the third quarter. The dividend is payable on August 26, 2014, to shareholders of record at the close of business on August 12, 2014.