Burger King Q2 Profit Surges - Quick Facts

(RTTNews) - Burger King Worldwide, Inc. (BKW) reported that its second-quarter net income was $62.9 million or $0.18 per share, up from $48.2 million or $0.14 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $74.4 million or $0.21 per share, compared to $61.3 million or $0.17 per share in the year-ago quarter.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.

However, total revenues for the quarter declined 48.5 percent to $278.3 million in the same quarter last year as the company continues its global refranchising initiative. Seven Wall Street analysts had a consensus revenue estimates to $322.28 million for the quarter.

Excluding the impact of refranchising and currency movements, revenue increased 1.2 percent year-over-year.

Global comparable sales increased 0.6 percent and system-wide sales increased 2.8 percent in constant currency.

The company also announced a cash dividend of $0.06 per share for the third quarter, payable on August 30 to shareholders of record at the close of business on August 15, 2013.

Looking ahead, the company noted, "Following the refranchising of 305 restaurants during the quarter, we are on track to complete our global refranchising initiative by year-end 2013. We continue to believe that a fully-franchised model allows us to focus on leveraging our global brand to improve the profitability of the Burger King system globally."