Updated from 5:01 p.m. ET for latest share prices, additional information about PMC-Sierra, Veeco Instruments, and Standard Pacific.
NEW YORK (
TheStreet) -- Shares of
(YUM - Get Report) rose in late trades on Monday after the quick-service restaurant operator beat Wall Street's expectations for its fourth-quarter results amid strong sales growth in China.
Yum!, whose restaurant brands include KFC, Taco Bell and Pizza Hut, also said it expects to meet or exceed its target for earnings per share growth of at least 10% in 2012.
The Louisville, Ky.-based company posted earnings excluding items of $535 million, or 75 cents a share, for the December-ended period on revenue of $4.11 billion, ahead of the average estimate of analysts polled by
Thomson Reuters for earnings of 74 cents a share on revenue of $4.03 billion in the quarter.
Revenue rose 15% year-over-year in the latest quarter with China same-store sales jumping 21% in the three-month period.
The stock was last quoted at $64.55, up 2.2%, on volume of more than 515,000, according to
. Based on Monday's regular-session close at $63.19, the shares are up 30% in the past year, hitting a 52-week high of $64.75 on Friday. At current levels, the stock's forward price-to-earnings multiple sits at 19.5X.
"The highlight of 2011 was again the exceptional performance of our China business, which grew system sales by 29% and operating profit by 15%, prior to foreign currency translation," said David Novak, the company's chairman and CEO, in a statement. "We opened a record 656 new restaurants and delivered extraordinary same-store sales growth of 19%. Clearly, our KFC and Pizza Hut brands in China continued to strengthen their category-leading positions."
Analysts were fairly bullish on Yum! ahead of the report with 15 of the 22 ratings on the stock at strong buy (7) or buy (8), and the median 12-month price target at $66.
Check out TheStreet's quote page for Yum! Brands for year-to-date share performance, analyst ratings, earnings estimates and much more.
A busy day for
got even more eventful after the closing bell as the company reported stellar fourth-quarter results along with a deal to acquire
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entertainment business, which includes DVD kiosks and inventory, among other assets.
The after-hours news following an announcement of a
streaming content joint venture
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