YUM! Brands Q2 2017 earnings and Allergan Q2 2017 earnings were released before opening bell this morning. Yum posted adjusted earnings of 68 cents per share on $1.45 billion in sales, versus the consensus estimates of 61 cents per share and $1.42 billion. In last year’s second quarter, the fast food chain operator reported $1.51 billion in revenue and adjusted earnings of 56 cents per share.
On a non-GAAP basis, Allergan Q2 2017 earnings amounted to $4.02 per share on $4 billion in revenue, compared to the consensus estimates of $3.92 per share in earnings on $3.95 billion in revenue. In last year’s second quarter, the drug maker reported $3.7 billion in sales and $3.35 per share in non-GAAP earnings.
YUM! Brands Q2 2017 earnings
On a GAAP basis, YUM! Brands Q2 2017 earnings amounted to 58 cents per share, versus 64 cents per share last year.
Worldwide system sales increased 6% year over year, including a 7% gain for KFC and Taco Bell and a 2% increase for Pizza Hut. The company said worldwide same-store sales grew 2%, slightly beating the consensus of 1.8% growth. Same-store sales for KFC grew 3%, coming out ahead of the consensus at 3% growth. Same-store sales for Taco Bell jumped 4% year over year, although that missed the consensus of a 5.4% increase. Pizza Hut same-store sales declined 2% year over year.
Yum refranchised 244 restaurants during the quarter, of which 40 were KFC locations, 163 were Pizza Hut and 41 were Taco Bell. Refranchising proceeds totaled $136 million, the company recorded $19 million in refranchising gains under special items. The company’s franchise ownership mix stood at 94% at the end of the quarter.
After YUM! Brands Q2 2017 earnings were released, the company’s stock slumped 1.72%, falling to $75.30 in premarket trading.
Allergan Q2 2017 earnings
Allergan’s second-quarter GAAP loss widened year over year, falling to $2.35 per share from $1.25 per share in the year-ago quarter. The drug maker said growth in its Botox and Juvederm collection drove the 9% sequential increase in revenues. Other contributors to its revenue growth were the addition of Alloderm and CoolSculpting and new products such as Vraylar, Namzaric and Viberzi.
Allergan increased its full-year revenue outlook and now projects about $15.85 billion in sales, versus the previous guidance of $15.8 billion. The drug maker expects adjusted earnings to be between $16.05 and $16.45 per share, up from its previous outlook of $15.85 to $16.35 per share.
After the Allergan Q2 2017 earnings were released, the drug maker’s stock fell 0.47% to $249 in premarket trades.