Yum Brands Inc. (YUM) Profit Up 12 Percent
Fast-food giant Yum Brands Inc. said Wednesday that its second-quarter profit rose by 12 percent, beating Wall Street projections, on the strength of sizzling international sales that offset an essentially flat U.S. performance.
The operator of KFC, Taco Bell and Pizza Hut reported double-digit operating profit growth in its China and international divisions. Based on its strong overseas performance, Yum raised its full-year forecast for growth in earnings per share to 12 percent from 11 percent.
In the United States, Taco Bell had another sluggish performance, though it was an improvement from the prior quarter as the chain rebounds from two setbacks -- an E. coli outbreak at some of its East Coast restaurants last year and a rat infestation in a franchise KFC/Taco Bell store in New York City in February. Yum predicted steady improvement for the chain in coming months.
For the three months ended June 16, Yum posted net income of $214 million, or 39 cents per share, compared with $192 million, or 34 cents a share, in the year-ago period.
Revenue grew 9 percent to $2.37 billion from $2.18 billion a year earlier.
Analysts polled by Thomson Financial had forecast a profit of 36 cents per share.
The operator of KFC, Taco Bell and Pizza Hut reported double-digit operating profit growth in its China and international divisions. Based on its strong overseas performance, Yum raised its full-year forecast for growth in earnings per share to 12 percent from 11 percent.
In the United States, Taco Bell had another sluggish performance, though it was an improvement from the prior quarter as the chain rebounds from two setbacks -- an E. coli outbreak at some of its East Coast restaurants last year and a rat infestation in a franchise KFC/Taco Bell store in New York City in February. Yum predicted steady improvement for the chain in coming months.
For the three months ended June 16, Yum posted net income of $214 million, or 39 cents per share, compared with $192 million, or 34 cents a share, in the year-ago period.
Revenue grew 9 percent to $2.37 billion from $2.18 billion a year earlier.
Analysts polled by Thomson Financial had forecast a profit of 36 cents per share.
Labels: YUM, Yum Brands Inc.
posted by Stock Administrator @ 10:05 PM
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