A customer rides his bike in front of a Taco Bell restaurant in Novato, California.
Justin Sullivan | Getty Images
Taco Bell’s parent company Yum Brands reported quarterly earnings on Wednesday that fell short of analysts’ expectations.
Shares of the company dropped 6% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 80 cents, adjusted, vs. 94 cents expected
- Revenue: $1.339 billion vs. $1.344 billion expected
The company reported fiscal third-quarter net income of $255 million, or 81 cents per share, down from $454 million, or $1.40 per share, a year earlier. Yum said that changing the fair value of its GrubHub investment dragged down earnings by 15 cents per share.
Excluding refranchising gains and other items, Yum earned 80 cents per share, missing the 94 cents per share expected by analysts surveyed by Refinitiv.
Net sales dropped 4% to $1.34 billion, meeting expectations.
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