Yum beats Street 1Q forecasts

LOUISVILLE, Ky. (AP) – Yum Brands Inc. is reporting first-quarter net income of $280 million.

On a per-share basis, the Louisville, Kentucky-based company said it had profit of 77 cents. Earnings, adjusted for non-recurring gains, came to 65 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.

The parent company of KFC, Taco Bell and Pizza Hut posted revenue of $1.42 billion in the period, also exceeding Street forecasts.

Six analysts surveyed by Zacks expected $1.35 billion.

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