Yum Brands Hits New High on Earnings

Yum Brands hit an all-time high as first-quarter earnings exceeded expectations.
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NEW YORK (

TheStreet

) --

Yum! Brands

(YUM) - Get Report

hit a new high on Thursday after it reported better-than-expected first-quarter earnings.

The owner of Pizza Hut, Taco Bell and KFC saw a 10% jump in profit to $241 million, or 50 cents a share, compared with $218 million, or 46 cents, in the year-ago period.

Excluding franchising losses and other items, Yum actually earned 59 cents a share, topping Wall Street's forecast of 53 cents.

Revenue rose 6% to $2.35 billion, while U.S. same-store sales slipped 1%.

Yum said it received a boost from China, but is still working on igniting its U.S. business with lower prices.

Shares reached a high of $43.76, before closing the day at $42.78, up 2.76% on the day.

-- Reported by Jeanine Poggi in New York.

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