Yum quarterly profit up 4.4%, backs 2008 outlook

SAN FRANCISCO (MarketWatch) — Fast-food operator Yum Brands Inc. late Tuesday reported its third-quarter profit rose 4.4% from a year ago. The company backed its 2008 profit outlook. Yum said it earned $282 million, or 58 cents a share, compared with a profit of $270 million, or 50 cents a share, in the year-earlier period. Yum said a favorable tax rate and a 10% reduction in its diluted common shares outstanding helped to offset a weak U.S. operating profit. For the quarter ended Sept. 6, sales rose 11% to $2.8 billion. Yum operates KFC, Pizza Hut, Taco Bell and Long John Silver’s. Yum shares closed Tuesday at $27.50, down 81 cents. Year-to-date, the stock is down 28%.
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