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Wednesday, November 5, 2014

Tim Hortons profit falls on costs related to Burger King deal, (NYSE: BKW)

Canadian coffee chain Tim Hortons Inc's quarterly net profit fell about 14 percent due to C$27.3 million ($23.9 million) in costs related to its proposed takeover by Burger King Worldwide Inc. Tim Hortons' same-store sales in Canada rose 3.5 percent in the third quarter ended Sept. 28 and 6.8 percent in the United States.Net income attributable to the company fell to C$98.1 million, or 74 Canadian cents per share, from C$113.9 million, or 75 Canadian cents per share, a year earlier.Burger King said in August it would purchase Tim Hortons in a deal worth C$12.64 billion that would create the world's third-largest fast-food restaurant group. ($1 = C$1.1441)

Burger King Worldwide, Inc. is a fast food hamburger restaurant, under the Burger King brand. Shares of BKW fell by 0.34% or $-0.11/share to $32.19. In the past year, the shares have traded as low as $20.14 and as high as $34.20. On average, 2517040 shares of BKW exchange hands on a given day and today's volume is recorded at 1505857.