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
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.