Yum shares fall after earnings sink
Yum Brands Inc. shares fell 1.1% in Thursday premarket trading after the fast-food company reported a year-over-year earnings decline and revenue that missed expectations. Net income for the quarter totaled $334 million, or $1.04 per share, down from $436 million, or $1.26, last year. EPS excluding special items was 40 cents. Total revenue was $1.56 billion, down slightly from $1.58 billion last year. The FactSet consensus was for EPS of 96 cents and sales of $1.59 billion. Global same-restaurant sales rose 3%, with KFC up 3%, Pizza Hut coming in at breakeven, and Taco Bell up 6%. The FactSet consensus was for 2.4% growth globally. Yum shares have gained 18.1% over the past year while the S&P 500 index has gained nearly 2% for the period. 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.