Stock Track | Yum China Soars 6% Premarket on Strong Q3 Results, Raised Shareholder Returns
Shares of Yum China Holdings, Inc. soared 6.28% in pre-market trading on November 4, 2024, after the company reported better-than-expected financial results for the third quarter of 2024 and announced plans to increase capital returns to shareholders.
The fast-food restaurant operator reported adjusted earnings per share of $0.77 for the quarter, surpassing analysts' expectations of $0.68. Revenue for the quarter rose 5% year-over-year to $3.071 billion, also beating the consensus estimate of $3.053 billion.
Yum China's strong performance was driven by robust sales growth, margin expansion, and continued expansion of its store network. The company's operating profit grew 15% year-over-year to $371 million, while diluted earnings per share increased by an impressive 33% to $0.77.
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