NEW YORK ( TheStreet) -- Shares of Yum! Brands ( YUM) slipped in late trades on Tuesday after the Louisville, Ky.-based restaurant operator posted an in-line quarterly profit despite beating Wall Street expectations on the top line. The stock was last quoted at $48.75, down 1.4%, on volume of more than 250,000, according to Nasdaq.com. On an adjusted basis, excluding one-time items, Yum! earned 83 cents a share in the three months ended Sept. 3 on revenue of $3.27 billion. The average estimate of analysts polled by Thomson Reuters was for earnings of 83 cents a share in the company's fiscal third quarter on revenue of $3.1 billion. Yum! continued to enjoy strong growth in China with same-store sales rising 19% but margins came down in the division to 21.3% from 25.2% a year ago. The parent company of Taco Bell, Pizza Hut and KFC also posted declines in its domestic business but reiterated a view for earnings per share growth of at least 12%, excluding items, for the full year. "Our impressive international growth was offset by a 16% decline in U.S. profits," the company said in a statement. "We're obviously disappointed in our U.S. performance. However, we have aggressively developed a pipeline of category leading innovation and have productivity initiatives planned to dramatically improve sales and profit performance in 2012."
"While we remain confident in our second half growth plans, our third quarter results were adversely impacted by a very large opportunity at one of the two largest service providers in North America," said Andy Ory, the company's president and CEO, in a statement. "We now expect this opportunity to close in the first half of the fourth quarter and we remain confident in our ability to execute on our full year business outlook." Acme Packet shares were up nearly 6% in the past year prior to the pullback in late trades. Wall Street was split on the company ahead of the news with 8 of the 17 analysts covering the stock at either hold (6), underperform (1), and sell (1). -- Written by Michael Baron in New York.