Restaurant Brands International Inc. lost $514.2 million US, or $2.52 per diluted share, in the fourth quarter as the company behind Burger King completed its acquisition of Tim Hortons.
The loss compares with a profit of $66.8 million, or 19 cents per diluted share, in the same period a year ago, when Tim Hortons wouldn't have been included in the numbers.
The quarterly loss included a $143-million loss related to derivatives, and $94.3 million attributed to the Tim Hortons deal and restructuring costs.
In August, Burger King's owners proposed a merger that would see the burger chain merge with Tim Hortons in a deal valued at more than $20 billion. Late last year, after approvals from regulators, shareholders and governments, that deal became official.
The combined company has 18,000 employees in 100 countries. Tuesday's numbers are the first we've seen since the deal closed.
Despite the eye-popping loss, it wasn't all bad news.
Overall revenue came in at $416 million, a big jump from $265 million a year ago (when Tims numbers wouldn't have been included.)
On a per-store basis, there was sales growth in both of the company's brands. Comparable store sales were up 4.1 per cent for Tim Hortons, while Burger King's comparable sales were up three per cent.
Tim Hortons said last month it cut about 350 employees, mainly at its headquarters and regional offices.
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