Taco Bell parent Yum Brands tops estimates for fourth quarter

Yum Brands Inc.
YUM,
+0.22%
said Wednesday it had net income of $371 million, or $1.29 a share, for the fourth quarter, up from $330 million, or $1.11 a share, in the year-earlier period. Adjusted per-share earnings came to $1.31, ahead of the $1.26 FactSet consensus. The parent to Taco Bell, Pizza Hut and KFC restaurants said revenue rose 7% to $2.019 billion, also ahead of the $1.920 billion FactSet consensus. “Despite a challenging environment, we achieved widespread system sales growth of 8% excluding Russia with $24 billion in digital sales, demonstrating that our iconic brands are more relevant, easy and distinctive than ever,” CEO David Gibbs said in a statement, referring to the full-year numbers. The board approved a 6.1% hike in its quarterly dividend to 60.50 cents a share. The new dividend will be payable March 10 to shareholders of record as of Feb. 22. The stock has gained 3.5% in the last 12 months, while the S&P 500
SPX,
+1.29%
has fallen 8%.