07:38 AM EDT, 04/30/2024 (MT Newswires) -- Restaurant Brands International (QSR.TO) edged up in U.S. premarket trading after reporting on Tuesday higher first quarter net income and revenue.

The fast food company, which has five operating segments, including Tim Hortons, Burger King and Popeyes Louisiana Kitchen, reported net income attributable to shareholders of US$230 million, or US$0.72 per diluted share, higher than the US$189 million, or US$0.61 per diluted share, last year.

Adjusted profit of US$331 million, or US$0.73 per adjusted share, compares with adjusted profit of US$340 million, and US$0.75 per adjusted share, last year. The result topped the consensus analyst forecast of US$0.72, according to Capital IQ.

Revenue of US$1.74 billion beat the US$1. 7 billion forecast and was higher than last year's $1.6 billion. According to the company, consolidated system-wide sales grow 8.1%.

For 2024, the company expects consolidated capital expenditures, tenant inducements and incentives of US$300 million, and segment G&A of between US$665 million and US$685 million. The company also said it would invest an additional US$300 million to modernize Burger King restaurants across the U.S.

It also confirmed its long-term consolidated performance targets, first announced in February, of 3%+ comparable sales and 8%+ system-wide yearly sales growth from 2024 to 2028,

Restaurant Brands traded 2.3% higher at US75.50 at last look in U.S. premarket trading.