Earnings Report: Yum! Brands (NYSE:YUM) reports Q2 net income of $286 million

7/13/2010- Yum! Brands (NYSE:YUM) reported Q2 net income of $286 million, or $0.58 per share, ex-items, a 17% increase from the year-ago period.

Revenues rose 3% year-over-year to $2.57 billion, up from $2.48 billion.

On average, analysts expected Q2 EPS of $0.54 on revenues of $2.54 billion.

The company raised its full-year 2010 EPS forecast from $2.39 to $2.43, or 12% growth prior to special items, based on strong first half performance.

David C. Novak, Chairman and CEO said, "I'm pleased to report we expect to deliver 12% EPS growth this year, making 2010 the 9th consecutive year we meet or exceed our annual target of at least 10%. We followed up a strong first quarter with second quarter EPS growth of 17%, before special items. This was fueled by profit growth in each of our three divisions, including exceptional growth of 33% in China. Overall, system sales grew by 4% and worldwide operating profit increased 21%, prior to foreign currency translation benefit and special items. A key driver of our overall growth continues to be new unit development in China and Yum! Restaurants International. We continue to expect to open about 1,400 international units this year and remain the industry's leading international new unit developer."

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