Yum beats expectations, warns of bird flu impact

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Associated Press

Posted on April 23, 2013 at 5:32 PM

Updated Tuesday, Apr 23 at 6:03 PM

NEW YORK (AP) — Yum Brands reported a better-than-expected net income for its first quarter even as the parent company of KFC struggled to overcome a controversy over its chicken suppliers in China.

The fast-food company, which also owns Pizza Hut and Taco Bell, stood by its full-year forecast for earnings per share to decline in the mid-single digits.

For the quarter, Yum said it earned $337 million, or 72 cents per share. That's down from the $458 million, or 96 cents per share, a year ago.

Excluding one-time items, the company said it earned 70 cents per share, above the 60 cents per share analysts expected.

Revenue fell 10 percent to $2.1 billion, below the $2.56 billion Wall Street expected.

Yum Brands Inc., based on Louisville, Ky., has more than 36,000 locations globally.

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