Yum! Brands Inc. (YUM), owner of the Taco Bell and KFC fast-food chains, said third-quarter profit increased 23 percent as sales climbed at U.S. locations.
Net income rose to $471 million, or $1 a share, from $383 million, or 80 cents, a year earlier, Louisville, Kentucky-based Yum said today in a statement. Profit excluding some items was 99 cents a share. Analysts projected 97 cents, the average of 22 estimates compiled by Bloomberg.
Yum, which has more than 18,000 domestic restaurants, said sales at U.S. stores open at least 12 months advanced 6 percent. Analysts estimated a sales gain of 4.4 percent, the average of projections compiled by Consensus Metrix.
Profit excluding some items will rise to at least $3.24 a share this year, up from a previous forecast for a minimum of $3.22, Yum said today.
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