Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F filing

Highlights from Q2 2023 filing as compared to Q1 2023:

• Increased positions in: GOOG (to ~9.38 mln shares from ~8.07 mln shares), HHH (to ~16.57 mln from ~15.98 mln), HLT (to ~9.33 mln from ~9.3 mln)
• Maintained positions in: GOOGL (~2.19 mln shares)
• Decreased positions in: LOW (to ~7.47 mln shares from ~10.04 mln shares), QSR (to ~23.35 mln from ~24.19 mln), CMG (to ~0.95 mln from ~1.03 mln), CP (to ~15.1 mln from ~15.24 mln)

Restaurant Brands Int'l (QSR) reported earnings on Mon 28 Oct 19 (b/o)

** charts after earnings **

 

Restaurant Brands Int'l beats by $0.03, reports revs in-line; system-wide sales +8.9% 

Reports Q3 (Sep) earnings of $0.75 per share, $0.03 better than the S&P Capital IQ Consensus of $0.72; revenues rose 6.0% year/year to $1.46 bln vs the $1.46 bln S&P Capital IQ Consensus.

Comparable sales Tim Hortons -0.1%; Burger King +10.7%; Popeye's +15.6%.

Co refinances existing $1.25 bln 1st Lien Notes due 2022, generating significant interest savings.

Jose Cil, Chief Executive Officer of Restaurant Brands International commented, "During the third quarter, we grew system-wide sales nearly 9% through a combination of strong global comparable sales growth and restaurant expansion. At Burger King, we continue to see exciting growth around the world, with our system-wide sales increasing approximately 15% internationally for the quarter and the successful launch of our Impossible Whopper driving 5% comparable sales growth in the US, our strongest level since 2015. Popeyes had one of its best quarters in nearly two decades, achieving comparable sales growth of more than 10% in the US. At Tim Hortons, although we had a challenging quarter, we remain confident in the pillars of our Winning Together Plan and are excited about the long-term growth prospects of the Tims brand and business in Canada."

Earnings this week : Oct 28 - Nov 1, 19 (wk 44)

Monday (Oct 28)

• Morning: AMG AWI T AVX CTB L PHG QSR SPOT WBA
• Afternoon: AKAM AMKR APPF ARE AVB BLKB BRO BRX BYND CGNX CR CVCO EHC GDI GOOG/L HLIT HTA HTLF INST JBT LEG MEDP NOV NXPI OFC OFIX OGS OI OMF PCH RE RIG ROIC SANM SBAC SSB SSD TBI TCF TMUS TREX TRTX TXRH VNO VRNS WCN WELL WIRE XPO  GRUB

Tuesday (Oct 29)

• Morning: AGCO AN AOS ASTE BP BTU CEQP CIGI CMI CNX CNXM COP CVLT DBD ECL EME ETN EXLS FDP FELE FMS GLT GLW GM  HCA HSC HUBB HZO I INCY IPGP IR IRDM K KKR LDOS LNN MA MLM MMC MRK NEO PAG PFE R SHOO SHOP SLCA SMPL SPGI TECH THRM VSH WAT WDR WH XRX ZBRA
• Afternoon: ACCO ACGL ADSW AFG AGR AJRD ALL AM AMD AMED AMGN APAM AR ATEN ATGE AX AXS BGFV BVN BXP CAI CAKE CB CCS CHE CHRW CXO CYH DENN DLR EA EIX ENPH EPR EQC EXAS EXR FCF FCPT FEYE FMC FNF GNW HLF HURN HY IEX INVH IPHI KAI KBR LDL LSCC MAT MDLZ MDR MDU MGRC MOH MRCY MSTR MTDR MXIM NATI NBR NWE OKE OSPN PAYC PSA PSMT PTCT QUAD REXR RNR RPAI RRD RXN RYI SAM SGEN SILK SIMO SXI SYK SYX TCO TCS TENB TX UDR UIS UMBF UNM VNOM VRSK WRI YUMC ZEN

Wednesday (Oct 30)

• Morning: AAWW ADP AIT APTV ARCC AXE BDC BG BKR CBZ CIM CLH CME CROX CRTO DAN DIN EAT ETR EXTR FLOW GE GLOP GRMN HEP HES HPP HTLD INSM IQV JHG KFRC LECO LFUS LHX LIVN MAS MCK MCO MDCO MLCO NI NMRK NVT NYCB ORBC OSK RCL SAIA SC SF SITC SITE SMP SNE SO SPG ST SUM TAP TEL TMHC TNC TUP UMC UTHR WCG WING WYND YUM
• Afternoon: AAPL ACA ACAD ADTN AEGN AGI AGNC AKS ALEX ALSN APA ARES ATRC AWK AXTI AZPN BFAM BLDP BOOT CACI CATM CERS CF CHDN CHEF CLI CLR CMPR CNMD CNXN COLM CONE CREE CRUS CRY CSGS CTSH CW DCO DDD DRE DT ECOL EGHT EGOV ELY ENSG EQIX ETSY EVTC EXEL FARO FB FLS FORM FOXF FRT H HABT HCC HCP HTGC HUBG HVT IMMU INOV INT KLAC KW LM LNC LSI LYFT MAA MANT MASI MC MDC MDR MEOH MET MGM MLNX MMSI MSI MUSA MYRG NE NGHC NLY NR NUVA OII OLED PCTY PDM PKI PPC PRAH PS PVG QDEL QGEN QLYS RBBN RDN REG RGA ROG RPT RSG RTRX RWT RYN SBUX SCI SFM SIGI SKT SKY SKYW SOI SPWR SPXC SRI STAG SU SWI TDOC TEX THG TKR TREE TRMB TS TTMI TWLO TYL UCTT VIAV VRTX WDC WHD WMB WPX WTI WTS ZNGA

Thursday (Oct 31)

• Morning: AAON ABMD ADM AGIO AKRX ALNY AMCX AME AMT APO APRN ARD ARW ATI AVP BCE BLD BLL BMY BWA CDW CFR CFX CG CHD CI CLX CNSL COR CPG CRAI CRC CTVA CVE CWT DD DLPH DNKN ECA EIGI EL EQT EXC EXP FCAU FLIR FLR FLWS FSS GIL GNRC GOLF GPN HBI HFC HGV HMHC ICE IDA IDCC IDXX IMAX INGR IP IRM IRWD IT ITGR KHC LAZ LITE LKQ LNTH LXRX MAC MGPI MIXT MMP MNTA MO MPC MPLX MPW MSCI MSG MUR NEWM NNN NTCT NTLA NVCR OSB PBF PBFX PBH PEG PENN PH PQG PWR RDS.A RFP RGEN SABR SILC SIRI SNDR SNY SPAR SPR SRCL STAR STFC STOR SYNH TEN TFX TPH TPX TRI W WAB WCC WEX WLTW WRLD WWE XHR XYL YETI YRCW ZIXI
• Afternoon: ACLS AIV AMN ANET APPN ARCB ATR AYX BGS BIO BLDR BRKR CAR CASA CPT CWST ERII FNKO FTAI FTNT GLPI GPOR HTH JCOM LOCO LYV MELI MERC MINI MOBL MRC MTX MTZ NFG NPTN OEC OLN OTEX PDFS PINS PMT QRVO RMAX SEM SHLX SM SSNC TDS TGH USM VICI VSAT WU X 

Friday (Nov 1)

• Morning: ABBV ABR AIG AMAG ASIX AXL BABA BAH BGG CBOE CCJ CL CVX D FND FTS GSHD HAE HE HMSY HRC IBP IMGN IMO ITT LNG LYB MD MGI MGLN MOG.A NWL OPI PBA PNM POR ROLL RUTH SRE STX TPB TRP USX WOW WPC XENT XOM

Notable earnings reports:

• Alphabet (NASDAQ:GOOGL), Spotify (NYSE:SPOT), Beyond Meat (NASDAQ:BYND), AT&T (NYSE:T), NXP Semiconductors (NASDAQ:NXPI) and Walgreens Boots Alliance (NASDAQ:WBA) on October 28; 
• Shopify (NYSE:SHOP), AMD (NASDAQ:AMD), Electronic Arts (NASDAQ:EA), (NXPI), General Motors (GM), Mattel (NASDAQ:MAT), Mastercard (NYSE:MA), FireEye (NASDAQ:FEYE) and ConocoPhillips (NYSE:COP) on October 29; 
• Apple (NASDAQ:AAPL), Facebook )FB), Lyft (NASDAQ:LYFT), Sony (NYSE:SNE), Yum Brands (NYSE:YUM), Starbucks (NASDAQ:SBUX), General Electric (NYSE:GE) and Twilio (NYSE:TWLO) on October 30; 
• Pinterest (NYSE:PINS), Altria (NYSE:MO), Wayfair (NYSE:W), Kraft Heinz (NASDAQ:KHC ) and MercadoLibre (NASDAQ:MELI) on November 1; Alibaba (NYSE:BABA), AbbVie (NYSE:ABBV), ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX) and U.S. Steel (NYSE:X) on November 1. 

Papa John's International (PZZA) to be acquired?

 

****  QSR ****

Restaurants Brands (QSR), which is the parent company of Burger King, Popeye's Louisiana Kitchen and Tim Hortons, could team up with ousted former CEO John Schnatter and investment capital firm 3G Capital to make the purchase, according to DealReporter.

Papa John's management began accepting submitted offers for an acquisition last year, according to a Reuters report in September. The company was thrown into disarray following the ouster of Schnatter, who stepped down in July following reports that he used a racial slur during a conference call.

Schnatter has not gone quietly, however, last year suing the company he founded. Last week, a judge ruled that the company had to hand over corporate records to Schnatter.

Separately, Papa John's announced that it appointed Marvin Boakye as its first chief people officer.

"Boakye's expertise will help us to continue to push Papa John's forward in our transformation to become a better place to work for our 120,000 corporate and franchise team members," said Papa John's President and CEO Steve Ritchie. "In our search for a chief people officer, our goal was to identify a proven talent development leader with expertise in driving organizational change.

=Restaurant Brands Int'l (QSR) reported earnings on Wed 1 Aug 2018 (b/o)

Restaurant Brands Int'l beats by $0.03, misses on revs; Q2 comps +2.9% 

• Reports Q2 (Jun) earnings of $0.66 per share, excluding non-recurring items, $0.03 better thanthe Capital IQ Consensus of $0.63; revenues rose 18.6% year/year to $1.34 bln vs the $1.36 bln Capital IQ Consensus.
• For the second quarter of 2018, system-wide sales growth was driven by net restaurant growth of 7.5% and comparable sales of 2.9%, including US comparable sales of 1.8%.
• Under Previous Standards, Total Revenues for the quarter grew 1.6% (1.8% excluding the impact of FX movements) versus prior year, reflecting growth in system-wide sales.

Popeyes Louisiana Kitchen (PLKI) to be acquired by Restaurant Brands (QSR) for $79.00/share

Popeyes Louisiana Kitchen (PLKI) agrees to be acquired by Restaurant Brands (QSR) for $79.00/share in cash, or approximately $1.8 bln .

   

"The acquisition of Popeyes will add a successful, highly-regarded brand with strong customer loyalty to RBI, one of the largest global quick service restaurant companies with two of the world's most iconic QSR brands -- BURGER KING and TIM HORTONS." The transaction is expected to close by early April 2017.

** charts PLKI ** 

 

 ** QSR **

 

=Restaurant Brands Int'l (QSR) reported earnings on Mon 13 Feb 2017 (b/o)

Restaurant Brands Int'l beats by $0.02, reports revs in-line; increases dividend:

• Reports Q4 (Dec) earnings of $0.44 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.42; revenues rose 5.1% year/year to $1.11 bln vs the $1.1 bln Capital IQ Consensus.
• TH comparable sales increased 0.2% and BK comparable sales increased 2.8% in constant currency
• System-wide sales grew 2.4% at TH and 8.5% at BK in constant currency
• The co increased its quarterly dividend to $0.18/share from $0.17/share