Tim Hortons Q1 Profit Up - Quick Facts

(RTTNews) - Canadian quick-service restaurant chain Tim Hortons Inc. (THI.TO, THI) reported a 5.5% rise in its first-quarter 2014 net income attributable to the company to C$90.9 million, from C$86.2 million, last year, as higher operating income was partially offset by increased interest expense and a higher effective tax rate, both of which resulted mainly from its recapitalization.

Earnings per share were C$0.66 this quarter, up 16.9% from C$0.56 a year earlier, due to the expanded share buyback, that led to a decline of 15.0 million shares outstanding, on average, compared with the 2013 first quarter. On average, 13 analysts polled by Thomson Reuters expected earnings per share of C$0.68 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly total revenues went up by 4.8% year-over-year to C$766.4 million, from C$731.5 million. Analysts estimated revenues of C$778.18 million for the quarter.

On a constant currency basis, systemwide sales advanced by 5.1%. This resulted from new restaurant development in Canada and the U.S., and from same-store sales growth of 1.6% in Canada and 1.9% in the U.S. Distribution sales growth of 4.9% was in line with the increase in systemwide sales.