Investing.com -- Yum Brands shares rose in premarket trading on Thursday after the KFC and Taco Bell owner reported second-quarter adjusted earnings of $1.62 per share, beating the analyst consensus average of $1.58, helped by robust same-store sales and restaurant-level margin performance, according to Chief Executive Chris Turner.

Revenue of $2.169 billion came in just below the analyst consensus average of $2.18 billion. No consensus range was provided in the available estimates for either metric.

Reported GAAP earnings per share were $3.08, more than double the adjusted figure, driven largely by a $359 million deferred tax benefit tied to the company’s planned sale of the Pizza Hut business, according to the company’s reconciliation notes.

Turner said the company "delivered another strong quarter with robust same-store sales and restaurant-level margin performance," adding that Yum had "reached separate definitive agreements with two exceptional buyers for the Pizza Hut business, bringing our strategic review process to a close."

Worldwide system sales grew 5% excluding foreign currency translation, while unit count rose 5%, including 1,053 gross new restaurants opened during the quarter, the company said.

Taco Bell same-store sales grew 7% in the quarter, with system sales up 9% excluding currency effects, driven by U.S. system sales growth of 9% and same-store sales growth of 7%, the company said. KFC unit growth was 7%, with system sales excluding currency effects up 6%, and digital system sales mix excluding Pizza Hut exceeding 60%.

Pizza Hut same-store sales fell 1% and system sales were flat excluding currency effects, with operating profit down 14% on a core basis, the company said, citing declines led by a 5% drop in U.S. system sales excluding currency effects.

Yum entered definitive agreements on June 16 to sell Pizza Hut, with the business outside mainland China going to private equity firm LongRange Capital and Pizza Hut in mainland China going to Yum China, which will remain Yum’s master franchisee for KFC and Taco Bell in mainland China, according to the release. The company said the sale "provides the strongest path to maximize shareholder value."

Evercore ISI analyst David Palmer said the Pizza Hut divestiture would leave Yum "easier-to-manage, faster-growing, and capital-light."

EPS estimates had declined 0.63% over the past 60 days, while revenue estimates had edged down 0.93% over the same period.

KFC also launched a refreshed brand identity and menu revamp on June 15 centered on boneless chicken, beverages and sauces, with an aspiration to have core elements live across its Top 20 markets by the end of 2027, the company said.

Yum declared a dividend of $0.75 per common share for the quarter, up from $0.71 a year earlier.