Published: Tuesday, October 9, 2012, 4:34 p.m.
Taco Bell owner gains from China sales
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LOUISVILLE, Ky. -- The owner of the Taco Bell, Pizza Hut and KFC chains says its third-quarter net income rose by 23 percent as its key China market posted stronger growth.
Yum Brands Inc. on Tuesday also raised its earnings guidance. Shares are up nearly 4 percent in after-market trading.
Profit came to $471 million, or $1 per share, in the three months ended Sept. 8, from $383 million, or 80 cents per share, a year ago. Revenue rose 9 percent to $3.6 billion.
Analysts polled by FactSet expected earnings of 97 cents per share on revenue of $3.66 billion.
Operating profit in China increased 22 percent, adjusted for currency fluctuations. Profit in Yum's fast-growing China business dropped in the second quarter on higher costs.
In the U.S., operating profit rose 13 percent.
Yum Brands Inc. on Tuesday also raised its earnings guidance. Shares are up nearly 4 percent in after-market trading.
Profit came to $471 million, or $1 per share, in the three months ended Sept. 8, from $383 million, or 80 cents per share, a year ago. Revenue rose 9 percent to $3.6 billion.
Analysts polled by FactSet expected earnings of 97 cents per share on revenue of $3.66 billion.
Operating profit in China increased 22 percent, adjusted for currency fluctuations. Profit in Yum's fast-growing China business dropped in the second quarter on higher costs.
In the U.S., operating profit rose 13 percent.
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