Wednesday February 9, 2022, 09:15:01
Earlier today, Yum Brands reported adjusted Q4 EPS of $1.02, falling short of our $1.15 forecast and sell-side consensus (according to Consensus Metrix) of $1.09.
Thursday October 28, 2021, 09:22:35
Earlier today, Yum Brands reported adjusted Q3 EPS of $1.22, ahead of our $1.10 forecast and sell-side consensus (according to Consensus Metrix) of $1.09. However, we calculate that: (1) pre-tax investment income of $52 million (“related to the change in fair value of our approximate 5% investment in Devyani International Limited, an entity that operates KFC and Pizza Hut franchised units in India that executed an initial public offering during the quarter”) added about +16 cents’ worth of EPS help, and (2) by our calculations, the Q3 adjusted tax rate of 18.9% added about +4 cents of EPS help (relative to our 21.5% forecast and consensus of 21.4%).
Thursday July 29, 2021, 20:50:51
Earlier today, Yum Brands reported adjusted Q2 EPS of $1.16, surpassing our $0.97 forecast and sell-side consensus (according to Consensus Metrix) of $0.96. We attribute the EPS beat primarily to: (1) better-than-expected same-store sales at Taco Bell and KFC U.S., (2) leverage achieved due to sales strength, and (3) a better-than-anticipated adjusted tax rate of 20.0% (versus our 21.5% projection and consensus of 21.5%).
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