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Tricon Global Restaurants


reported third-quarter ongoing operating earnings of $115 million, or 77 cents a diluted share, beating analysts' estimates for the period.

According to a

First Call/Thomson Financial

survey, 13 analysts expected Tricon to earn 70 cents a share for the third quarter. The operator of the

Taco Bell




Pizza Hut

chains reported ongoing operating earnings of 70 cents a share a year ago.

Revenue fell to $1.66 billion in the quarter from $1.81 billion, primarily due to Tricon's ongoing program to sell company owned restaurants to its franchise partners. Excluding the impact of refranchising, revenue rose 2% for the quarter.

Ongoing operating earnings totaled $115 million, compared with $112 million in the year-ago period.

The company expects full-year ongoing operating earnings of at least $2.95 a share. Analysts are looking for the company to earn $2.94 for the year.