Yum! Brands Raises FY 2010 EPS Guidance (YUM)

Yum! Brands, Inc.

reports Q3 earnings of $0.73 versus consensus of $0.72. Yum! Brands, Inc. reports revenues of $2.86 billion versus consensus of $2.87 billion. The company raised its full-year 2010 EPS forecast from $2.43 to $2.48 per share, or from 12% to 14% growth prior to special items, based on strong year-to-date operating profit performance. David C. Novak, Chairman and CEO said, "I'm pleased to report we are raising our full year EPS growth forecast to 14%, which will make 2010 the 9th consecutive year we meet or exceed our annual target of at least 10%. We take satisfaction that our year-to-date operating profit has increased 15%, excluding special items and the impact of foreign currency translation, and is driving our strong EPS growth this year. A key driver of our overall growth continues to be new unit development in China and Yum! Restaurants International. We expect to open about 1,400 international new units this year. This new unit growth positions us well for another successful year in 2011. Shares of YUM are lower in the after-hours by 0.32%