Yum China Q3 Results Mixed

Yum China Holdings (YUMC) rose 4% in Thursday’s after-hours trading after the company reported mixed fiscal Q3, results and saod its CEO Micky Pant will transition to the roles of vice chairman and senior advisor, with current COO Joey Wat succeeding Pant as CEO from March 1, 2018.

For the quarter ended August 31, Yum posted earnings of $0.53 per share, flat from the year-earlier period, but lower than analysts’ estimate of $0.56 in a Capital IQ poll.

Revenue was $2.04 billion, up from $1.88 billion in the same quarter last year. The Street view was for revenue of $1.98 billion. Same-store sales grew 6%, doubled the pace in the previous quarter.

The firm said it has increased its share repurchase authorization to $550 million from $300 million, and would pay an initial dividend of $0.10 per share, payable as of the close of business on December 21 to stockholders of record as of the close of business on November 30.

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