Yum China Holdings, Inc. YUMC shares are trading higher after the company reported better-than-expected fourth-quarter financial results after the bell Tuesday. Here's a look at the highlights.
The Details: Yum China Holdings reported fourth-quarter adjusted earnings of 25 cents per share beating the analyst consensus estimate of 16 cents. The company also reported quarterly sales of $2.49 billion beating the consensus estimate of $2.41 billion.
Yum China also raised its dividend from 13 cents to 16 cents per share and announced a $1.25 billion share repurchase program for 2024.
“2023 was a pivotal year for Yum China. Not only did we demonstrate strong resilience during the pandemic, but we also seized opportunities that arose from China’s reopening,” said Joey Wat, CEO of Yum China.
“In 2023, our system sales grew by 21%, surpassing the industry’s growth rate, and we set new records for both revenue and profits. Our return to shareholders through cash dividends and share repurchases in 2023 was the highest since spinoff.”
Yum China is the largest restaurant chain in China and operates KFC, PizzaHut, Taco Bell and other brands. Several Chinese stocks moved higher on Tuesday amid reports of potential economic stimulus measures.
Related News: Nio Stock Is Moving Higher Tuesday: What’s Going On?
YUMC Price Action: According to Benzinga Pro, Yum China shares are trading up 17.79% after-hours Tuesday at $44.10 at the time of publication.
Photo: Sharon Ang from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
