Yum! Brands (NYSE: YUM), the parent of Pizza Hut, KFC, and my most guilty of pleasures, Taco Bell, cruised through the earnings drive-through after Tuesday's close to report a 14% increase in first-quarter profit and a 7% gain in sales for the reporting period. On a per-share basis, the fast-food name banked 70 cents per share, compared with 59 cents in the year-ago period. (Analysts were expecting per-share results of 64 cents).
Sales rose 7% to $2.22 billion, outpacing analysts' consensus view of $2.15 billion. Same-store sales edged 3% lower on a domestic basis.
YUM adjusted its full-year earnings forecast to at least $3.23 per share, two pennies better than an earlier projection of $3.21 per share.
Looking forward, YUM officials announced plans to open at least 1,000 new locations internationally during 2007. So when my best friend is honeymooning in Italy, will she still be able to grab that "fourth meal" Meximelt? Talk about pampering.
In after-hours trading, YUM shares have rallied more than 2%.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
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