Yum Brands Inc. YUM reported better-than-expected earnings before market open Wednesday. The parent of Taco Bell, Pizza Hut and KFC fast-food restaurants had net income of $416 million, or $1.46 a share, up from $331 million, $1.14 a share in the year-earlier period. Adjusted per-share earnings came to $1.44, ahead of the $1.27 FactSet consensus. Revenue rose to $1.708 billion from $1.64 billion in the prior year’s quarter. Analysts surveyed by FactSet were looking for revenue of $1.772 billion. Same-store sales growth was 6%, above the 4.6% FactSet consensus. Chief Executive David Gibbs said that the full-year 2023 results are expected to outperform all aspects of the company’s long-term growth algorithm. Shares of Yum Brands fell 0.7% in premarket trades Wednesday. The stock is down 5.6% in 2023, compared with the S&P 500 index’s SPX gain of 9.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.