Tricon 1st-Quarter Profit Rises 41%
Tricon Global Restaurants Inc., owner of the Pizza Hut, KFC and Taco Bell chains, said fiscal first-quarter earnings rose 41% as new menu items and stores boosted sales. The company also said profit this quarter will rise more than forecast and lifted its annual estimate.
Profit will be 83 cents to 87 cents in the second quarter and $3.63 to $3.70 this year, the company said. The average estimate of analysts surveyed by Thomson Financial/First Call was 81 cents in the quarter and $3.63 for the year.
Net income in the first quarter rose to $124million, or 80 cents a share, from $88million, or 59 cents, a year earlier. Revenue rose 7.2% to $1.61billion.
Tricon was expected to earn 77 cents.
Shares of Louisville, Ky.-based Tricon fell 33 cents to $61.27 on the New York Stock Exchange.
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