Yum Reports 2Q Profit Dip, But Raises Outlook

According to Nation’s Restaurant News, “Yum! Brands Inc. reported Tuesday a dip in second-quarter profit, but raised its full-year earnings forecast on what it called a strong first half of the year.”

“For the quarter ended June 12, Yum earned $286 million, or 59 cents per share, compared with earnings of $303 million, or 63 cents per share, in the same quarter a year ago. In the second quarter of last year, Yum had booked a one-time gain of $68 million from the purchase of additional ownership in its KFC business in China. Excluding that and other special items each year, Yum said its latest-quarter earnings totaled 58 cents per share, a 17-percent increase from a year ago. Second-quarter revenue rose to $2.22 billion from $2.15 billion in the same-quarter last year, reported Yum, which is based in Louisville, Ky. For the full year, Yum said it now expects to earn $2.43 per share, up from its previous expectations of earnings of $2.39 per share, and a 12-percent increase from earnings in 2009, prior to special items.”

Read more: http://www.nrn.com/article/yum-reports-2q-profit-dip-raises-outlook#ixzz0tfJT0G7R