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Yum! Brands fiscal Q1 profit falls YOY

Yum! Brands Inc. said its normalized net income for the fiscal first quarter ended March 21 was 66 cents per share, compared with the S&P Capital IQ consensus estimate of 71 cents per share.

EPS fell 10.9% year over year from 74 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $293.5 million, a decline of 12.9% from $336.9 million in the year-earlier period.

The normalized profit margin fell to 11.2% from 12.4% in the year-earlier period.

Total revenue fell year over year to $2.62 billion from $2.72 billion, and total operating expenses fell on an annual basis to $2.12 billion from $2.15 billion.

Reported net income decreased 8.9% from the prior-year period to $361.3 million, or 81 cents per share, from $396.7 million, or 87 cents per share.