Burger King Worldwide Inc (NYSE:BKW) and Priceline Group Inc (NASDAQ:PCLN) released their third quarter earnings reports before opening bell this morning. Burger King posted adjusted earnings of 27 cents per share, an 18.4% increase, on $278.9 million in revenue, a 1.4% year over year increase. Analysts had been looking for earnings of 27 cents per share on $281.84 million in revenue. In the same quarter last year, Burger King earned 23 cents per share on $275.1 million in revenue.
Priceline Group Inc (NASDAQ:PCLN) reported non-GAAP earnings of $22.16 per share on $2.8 billion in revenue. Analysts had been looking for earnings of $21.08 per share on $2.8 billion in revenue. In the same quarter last year, Priceline earned $17.30 per share on $2.27 billion in revenue.
Key metrics from Burger King’s earnings report
Burger King reported a 2.4% increase in global same store sales and a 7.7% increase in system-wide sales. Adjusted EBITDA rose 11.9% to $194.4 million. Growth in the U.S., Canada, Europe, the Middle East and Africa, and the Asia Pacific region drove the higher results.
The company reported a net restaurant growth of 152, a 14.3% increase since last year’s third quarter. The fast food chain’s reported net loss was 7 cents per share, compared to net earnings of 19 cents per share in last year’s third quarter. Higher selling, general and administrative expenses and other operating expenses drove the decline in reported earnings per share.
The fast food chain also declared a fourth quarter dividend of 8 cents per share.
Key metrics from Priceline Group’s earnings report
Priceline Group reported gross travel bookings of $13.8 billion, a 28% year over year increase. The company booked 95 million rooms during the quarter, a 27% year over year increase. Priceline’s Booking.com property hosts more than 540,000 hotels and accommodations, a 52% increase. Rental car days rose 18%, an acceleration from the 14% increase in the previous quarter. Gross profits rose 32% to $2.6 billion. GAAP net income was $20.03 per share, compared to $15.72 per share in the same quarter last year. Adjusted EBITDA rose 28% to $1.4 billion.
For the fourth quarter, Priceline projects an 8% to 15% increase in gross travel bookings and a 10% to 17% increase in international gross travel bookings. The company expects domestic gross travel bookings to be flat to rise by 5%. Priceline expects an increase of 11% to 18% in total revenue and a 17% to 24% increase in gross profits.
The travel booking company projects adjusted EBITDA of between $625 million and $665 million and non-GAAP earnings of between $9.40 and $10.10 per share.