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Yum! Brands' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Yum! Brands (YUM)

Q1 2012 Earnings Call

April 19, 2012 9:15 am ET


Tim Jerzyk - Senior Vice President of Investor Relations and Treasurer

David C. Novak - Executive Chairman, Chief Executive Officer, President and Chairman of Executive/Finance Committee

Richard T. Carucci - Chief Financial Officer


John W. Ivankoe - JP Morgan Chase & Co, Research Division

David Palmer - UBS Investment Bank, Research Division

Michael Kelter - Goldman Sachs Group Inc., Research Division

Brian J. Bittner - Oppenheimer & Co. Inc., Research Division

Jonathan R. Komp - Robert W. Baird & Co. Incorporated, Research Division

Howard W. Penney - Hedgeye Risk Management LLC

John S. Glass - Morgan Stanley, Research Division

Jason West - Deutsche Bank AG, Research Division

Unknown Analyst

Sara H. Senatore - Sanford C. Bernstein & Co., LLC., Research Division

Jeffrey Andrew Bernstein - Barclays Capital, Research Division

Gregory R. Badishkanian - Citigroup Inc, Research Division

Keith Siegner - Crédit Suisse AG, Research Division

Joseph T. Buckley - BofA Merrill Lynch, Research Division

Mitchell J. Speiser - The Buckingham Research Group Incorporated

Bryan C. Elliott - Raymond James & Associates, Inc., Research Division



Good morning, my name is Rashay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Yum! Brands First Quarter Earnings Conference Call. [Operator Instructions] Thank you. Mr. Jerzyk, Senior Vice President of Investor Relations, you may begin your conference.

Tim Jerzyk

Thank you, Rashay. Good morning, everyone, and thanks for joining us on the call this morning. The call is being recorded and will be available for playback. We are broadcasting the conference call via our website at Please be advised that if you ask a question, it will be included in both our live conference and in any future use of the recording.

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