LOUISVILLE, Ky. -- The owner of the Taco Bell, Pizza Hut and KFC chains says its third-quarter net income rose by 23 percent as its key China market posted stronger growth.
Yum Brands Inc. on Tuesday also raised its earnings guidance. Shares are up nearly 4 percent in after-market trading.
Profit came to $471 million, or $1 per share, in the three months ended Sept. 8, from $383 million, or 80 cents per share, a year ago. Revenue rose 9 percent to $3.6 billion.
Analysts polled by FactSet expected earnings of 97 cents per share on revenue of $3.66 billion.
Operating profit in China increased 22 percent, adjusted for currency fluctuations. Profit in Yum's fast-growing China business dropped in the second quarter on higher costs.
In the U.S., operating profit rose 13 percent.
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