Yum! Brands (NYSE: YUM) reported Q3 EPS of $1.04, $0.21 better than the analyst estimate of $0.83. Revenue for the quarter came in at $1.39 billion versus the consensus estimate of $1.38 billion.

• Worldwide system sales excluding foreign currency translation grew 5%, with Taco Bell at 8%, KFC at 7%, and Pizza Hut flat.
• We opened 410 net new units for 4% net new unit growth.
• We refranchised 134 restaurants, including 57 KFC, 31 Pizza Hut and 46 Taco Bell units, for pre-tax proceeds of $193 million. We recorded net refranchising gains of $100 million in Special Items. As of quarter end, our global franchise ownership mix was 97%.
• We repurchased 6.3 million shares totaling $527 million at an average price of $83.
• We reflected the change in fair value of our investment in Grubhub by recording $94 million of pre-tax investment income, resulting in $0.22 in EPS.
• Foreign currency translation unfavorably impacted divisional operating profit by $9 million.

Greg Creed, CEO, said, “We are pleased to deliver third-quarter system sales growth of 5%, consisting of same store sales growth of 2% and net new unit growth of 4%. Core operating profit growth of 2% was consistent with our expectations. We are now two years into our three year transformation and remain firmly on-track to becoming more focused, more franchised and more efficient. The collective power of our three iconic brands, anchored by our four key growth drivers, is helping us deliver long-term sustainable growth and higher returns for our stakeholders."

For earnings history and earnings-related data on Yum! Brands (YUM) click here.