Yum! Brands Inc. said its normalized net income for the first quarter was 46 cents per share, compared with the S&P Capital IQ consensus estimate of 59 cents per share.
In the prior-year period, the per-share result was a profit of 46 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $166.3 million, a decline of 14.2% from $193.8 million in the prior-year period.
The normalized profit margin fell to 11.7% from 13.4% in the year-earlier period.
Total revenue fell on an annual basis to $1.42 billion from $1.44 billion, and total operating expenses fell 5.3% year over year to $1.04 billion from $1.10 billion.
Reported net income increased 23.3% on an annual basis to $280.3 million, or 77 cents per share, from $227.3 million, or 54 cents per share.
