Yum posts higher 2Q earnings |
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Wed, 11 Jul 2007 22:15
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LOUISVILLE, Ky. (AP) - Fast-food giant Yum Brands Inc. said Wednesday that its second-quarter profit rose by 12 percent, beating Wall Street projections, amid ongoing growth in its international business that offset an essentially flat U.S. performance.The operator of KFC, Taco Bell and Pizza Hut reported 7 percent same-store sales growth in mainland China and a 5 percent upswing in its international division.For the three months ended June 16, Yum posted net income of $214 million, or 39 cents per share, compared to $192 million, or 34 cents a share, in the year-ago period.Revenue grew 9 percent to $2.37 billion from nearly $2.18 billion a year earlier.Analysts polled by Thomson Financial had forecast profit of 36 cents per share.Yum reported second-quarter operating profit of $65 million in its burgeoning China division, up 14 percent from $57 million in the year-ago period.Operating profit in its international division, which excludes China, Thailand and Taiwan, totaled $101 million for the second quarter, up 15 percent from a year earlier.'Our mainland China business continues to generate strong top-line growth,' said Yum Chairman and CEO David C. Novak, adding that the international division had one of its best quarterly performances ever.In the U.S., second-quarter operating profit was down 2 percent at $191 million, compared to $194 million in the year-ago period.For the first six months, Yum reported profit of $408 million, or 74 cents per share, up 13 percent from $362 million, or 64 cents a share, in the same period last year.The company's brands also include Long John Silver's and A&W All-american Food Restaurants.Yum Brands shares rose $1.46, or 4.4 percent, to $34.41 Wednesday. Its results came after the close of trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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