Heard on the Street: The company that runs KFC and Pizza Hut in China posted expectation-beating results, justifying its rejection of a takeover bid last summer.
Investors don’t usually like it when a company turns down an appetizing bid at a 42% premium. But Yum China, the operator of KFC and Pizza Hut in the world’s most populous country, has shown it can deliver a satisfying meal on its own.
The New York-listed company, which was spun off from Yum Brands in 2016, reported better-than-expected results after the bell Monday. Adjusted for one-offs and currency moves, revenue grew 10% in the first quarter compared with the same period last year, while operating profit rose 9%.
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