Yum! Brands Inc. (YUM) Profit Rises 17 Percent
Fast-food giant Yum Brands Inc. said Monday its third-quarter profit rose 17 percent on the strength of surging sales in its international and China divisions that offset sluggishness in the United States, led by slumping Taco Bell.
The operator of KFC, Taco Bell and Pizza Hut reported 28 percent profit growth in its China division and 21 percent growth in its international division for the three months ended Sept. 8. Yum's U.S. operation had a scant 1 percent profit growth for the period.
Overall, net income rose to $270 million, or 50 cents per share, from $230 million, or 42 cents per share, in the same quarter a year ago. Analysts polled by Thomson Financial expected earnings per share of 45 cents.
Louisville-based Yum said it plans up to $4 billion in share repurchases in the next two years. The company predicted that 2007 will be its sixth straight year of exceeding its target of at least 10 percent annual earnings per share growth.
Yum's revenue rose 13 percent to $2.56 billion from $2.28 billion in the third quarter of 2006. Analysts predicted revenue of $2.44 billion.
The operator of KFC, Taco Bell and Pizza Hut reported 28 percent profit growth in its China division and 21 percent growth in its international division for the three months ended Sept. 8. Yum's U.S. operation had a scant 1 percent profit growth for the period.
Overall, net income rose to $270 million, or 50 cents per share, from $230 million, or 42 cents per share, in the same quarter a year ago. Analysts polled by Thomson Financial expected earnings per share of 45 cents.
Louisville-based Yum said it plans up to $4 billion in share repurchases in the next two years. The company predicted that 2007 will be its sixth straight year of exceeding its target of at least 10 percent annual earnings per share growth.
Yum's revenue rose 13 percent to $2.56 billion from $2.28 billion in the third quarter of 2006. Analysts predicted revenue of $2.44 billion.
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