Tuesday December 13, 2022, 13:19:40
Earlier today, Yum Brands hosted an Analyst Meeting in New York City. As part of this, the company updated its long-term annualized growth algorithm as follows:
Tuesday November 29, 2022, 07:00:00
On September 29th, we published a Yum Brands report looking at potential concept acquisitions in the Mediterranean space. This was following some September 20th remarks at a competitor conference by Yum Brands CFO Chris Turner:
Wednesday November 2, 2022, 09:57:22
Earlier today (Wednesday), Yum Brands reported adjusted Q3 EPS of $1.09, short of our $1.14 projection and consensus of $1.15. However, the adjusted Q3 tax rate of 26.7% was meaningfully higher than our 21.7% estimate and consensus of 21.6%. By our calculations, this difference cost Yum Brands about -7 cents in Q3 EPS. In other words, if the Q3 adjusted tax rate had matched our estimate, then Q3 adjusted EPS would have been $1.16 — two cents above our forecast and one cent above consensus.
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