Burger King Worldwide Inc. (BKW) reported net loss for the third quarter of $23.5 million or $0.07 per share, compared to net income of $68.2 million or $0.19 per share in the year-ago period.
The latest quarter's results reflect increases in selling, general and administrative expenses as well as other operating expenses related to the Tim Hortons transaction.
Adjusted earnings for the quarter were $0.27 per share, compared to $0.23 per share in the year ago quarter. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 1.4 percent to $278.9 million from $275.1 million in the prior-year quarter. Wall Street expected revenues of $281.84 million for the quarter.
Daniel Schwartz, CEO of Burger King Worldwide said, "In the U.S. and Canada, we posted our best quarter of comparable sales growth since 2012 due to our consistent strategy of impactful new product innovation balanced by compelling value offerings."
On an organic basis, excluding the impact of currency movements and the global refranchising initiative completed late last year, revenue increased 5.2 percent year-over-year due to global comparable sales growth and net restaurant growth.
System-wide sales for the quarter increased 7.7 percent in constant currency, while global comparable sales increased 2.4 percent.
On November 3, 2014, the company's board of directors declared a quarterly dividend of $0.08 per share for the fourth quarter. The dividend is payable on November 25, 2014, to shareholders of record at the close of business on November 11, 2014.
In August, Burger King Worldwide and Canadian coffee and dough-nut chain Tim Hortons Inc. (THI, THI.TO) entered into a definitive agreement to create a new global leader in the QSR industry. The transaction is currently expected to close in late 2014 or early 2015.
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