Shares of Burger King (BKC), the world's second largest fast food chain, soared on Tuesday after it reported second quarter results that beat consensus estimates.

Burger King Holdings operates more than 11,900 restaurants in all the 50 states and 73 countries and U.S. territories worldwide. Approximately 90 percent of its restaurants are owned and operated by independent franchisee.

For the quarter ended June 30, the company reported that the net income increased 16% to $58.9 million, or 43 cents a share, from $50.6 million, or 37 cents a share, in the year ago period. The results topped the company's own estimates. In April, Burger King projected earnings in the range of 34 cents to 37 cents per share. The latest results included $8.6 million in so-called other income, largely from the re-franchising effort, compared with a prior-year loss of $7.5 million. Revenue decreased 2% to $629.9 million, while analysts expected $634 million. Analysts on average expected the company to report earnings of 33 cents a share on sales of $633 million. Comparable-store sales, or sales open 13 months or longer excluding currency effects, fell 2.4% worldwide, with declines in U.S., Canada and Latin America offsetting a gain in the European, Middle East, Africa and Asia Pacific region. The company registered same-store-sales growth of 2.5% in foreign markets while in North America, sales in restaurants open at least a year fell 4.5 percent. The company's same-store sales were "pressured by adverse macro-economic conditions including higher unemployment, more consumers eating at home and heavy discounting by other restaurant chains.” Restaurant margin dropped to 12.5% from 13.1% as higher labor costs, primarily in Germany, more than offset lower costs for food and paper products, though U.S. and Canadian stores showed improvements. In the U.S. and Canada, company restaurant margins climbed 130 basis points to 13.5% from 12.2%. The tax rate of 21.6% provided a benefit as Burger King dissolved dormant foreign entities.

The company has continued to expand aggressively. Burger King added 115 net new restaurants during the period, bringing its global total of locations to nearly 12,000. It as also responded smartly to the consumer shift towards affordability. In response In the latter half of the fourth quarter, it stepped up marketing efforts in the U.S. The company's new marketing strategy tactically focused on value with the $1 Whopper Jr. sandwich and local market value promotions such as 2 for $3.50 Whopper(R) sandwiches and 2 for $3 chicken sandwiches across many cities.