YUM (Post-Call): U.S. Same-Store Sales Off to Double-Digit Start in Early 2021

By Ryan D. Lavender Published on February 4, 2021 at 3:00 PM

Earlier today, Yum Brands reported Q4 2020 adjusted EPS of $1.15, above our $1.01 forecast and sell-side consensus (according to Consensus Metrix) of $1.01. We calculate that the Q4 adjusted tax rate was approximately 8.5%, much more favorable than our 21.0% estimate and consensus of 20.8%. We further calculate that relative to our tax-rate projection, the actual adjusted Q4 tax rate added about +15 cents to Q4 adjusted EPS. Excluding this factor, Q4 adjusted EPS would have been closer to $1.00.

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