by Christopher Freeburn | October 10, 2012 10:22 am
Yum Brands (NYSE:YUM) announced Tuesday evening that it earned $471 million during the third quarter, a 23% rise from $383 million in the same period last year. Adjusted EPS came in at 99 cents, narrowly beating Wall Street, which anticipated 97 cents, the Associated Press noted.
For the quarter, the company recorded revenue of $3.57 billion, up 9% over last year. But that fell short of the $3.66 billion analysts had projected.
Investors liked the results, sending Yum Brands shares up more than 7% in Wednesday morning trading.
Company officials raised their profit estimate for the year from an earlier projection of $3.22 a share, to $3.24 a share. Wall Street estimates full year earnings of $3.27 a share.
The company indicated that it will launch 1,750 new restaurants overseas this year.
Yum Brands said that operating profit at its U.S. locations rose 13%, while operating profit in China rose 22%. Same-stores sales at Pizza Hut restaurants jumped 6% over last year, while sales at KFC locations rose 4%.
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