Burger King Q1 Earnings Surge, Beats Estimates

(RTTNews) - Burger King Worldwide, Inc. (BKW) Friday reported higher earnings for the first-quarter, despite a decline in sales. Net income for the first-quarter jumped to $60.4 million or $0.17 per share from $35.8 million or $0.10 per share in the year-ago quarter. On an adjusted basis, net income amounted to $72.1 million or $0.20 per share. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.19 for the quarter. Analysts' estimates typically exclude one-time items. The company's first-quarter revenues declined to $240.9 million from $327.7 million in the year-ago period. Analysts estimated revenues of $241.33 million for the quarter. Global comparable sales rose by 2.0 percent in constant currency with growth across all four regions while on a constant currency basis, system-wide sales increased 6.9 percent for the quarter. In addition, the board declared a quarterly dividend of $0.07 per share for the second quarter, payable on May 27 to shareholders of record a on May 12.