Yum! Brands Posts Tasty Profit

NEW YORK (TheStreet) -- China loves its Taco Bell, KFC and Pizza Hut.

Yum! Brands(YUM Quote), the operator of these chains, said its third-quarter profit grew 18%, boosted by the company's performance in China. Profit growth in China clocked in at a robust 32%.

During the quarter, the company earned $334 million, or 69 cents a share, compared with $282 million, or 58 cents, in the year-ago period.

Excluding one-time items, the company earned 70 cents a share, surpassing the 58 cents analysts expected.

Revenue slipped 2% to $2.78 billion from $2.84 billion, while same-store sales tanked 6%.

Looking ahead, Yum! raised its full-year guidance to $2.14 a shares from prior outlook of $2.10 due to stronger-than-expected performance in China and a lower-than-expected full-year effective tax rate.

Shares of the company spiked 4% to $36.14 in after-market trading.

-- Reported by Jeanine Poggi in New York

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