Yum! Brands Q2 Profit Surges, Backs Long-term View - Update
(RTTNews) - Yum! Brands Inc. (YUM), which operates Pizza Hut, KFC, and Taco Bell brands, reported Thursday significantly higher profit in its second quarter, benefited mainly by positive tax impacts from the planned sale of Pizza Hut, and higher revenues.
The company, which operates in the quick-service restaurant industry, maintained long-term financial performance targets first announced in 2022. These goals include 5 percent unit growth, 7 percent system sales growth excluding currency impacts, and at least 8 percent core operating profit growth on average, over an extended period.
In the second quarter net income of $853 million, up 128 percent from $374 million in the prior year period.
Earnings per share reached $3.08, a 131 percent increase from $1.33 a year ago. The improvement was aided by positive income tax impacts from the planned sale of Pizza Hut.
Adjusted earnings totaled $449 million versus $405 million in the year-ago quarter. Adjusted earnings per share were $1.62, compared to $1.44 a year ago.
Total revenues increased 12 percent to $2.169 billion from $1.933 billion last year. Worldwide system sales grew 5 percent, excluding foreign currency translation effects.
In the pre-market activity on the NYSE, the shares were trading at $151.17, down 0.61 percent.
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