8:19 p.m. today, Steel City Pops, 1021 Bardstown Road. This is the company’s 11th location overall, and its first in Kentucky. The Highlands store opened late last month, and another one is planned for Lexington. Steel City launched in Homewood, Ala., in 2012.
Gov. Matt Bevin today filed the report with the Kentucky Executive Branch Ethics Commission, listing significant stakes in numerous companies but giving little detail about the extent of his holdings (Courier-Journal).
YUM‘s second-quarter profit rose as its China business continued to show signs of recovery, posting its third consecutive quarterly increase in a key sales metric. The results handily beat forecasts on the bottom line, but missed on the top. Excluding special items, Yum reported earnings per share of 95 cents vs. 80 cents a year ago. Revenue was $2.62 billion. Analysts surveyed by Thomson Reuters had projected 83 cents a share on $2.65 billion in revenue (MarketWatch). Citing the results, Yum raised its projections for growth in core operating profit to 12%, from its previous target of a 10%. Here’s the press release. Wall Street liked the news; Yum shares rose nearly 4% to a recent $85.67 in extended trading. The China unit is Yum’s top profit-driver, and investors are focused on how the company will separate that business and how richly it will be valued (Reuters via NYT)
The latest news about big Louisville employers; updated frequently.
YUM reports any moment now. Analysts were expecting earnings per share of 83 cents vs. 80 cents a year ago. Revenue is forecast at $2.66 billion vs. $2.62 billion. Yum investor relations. YUM shares. Major holders. Today’s results follow reports that China’s sovereign investment fund is considering buying Yum’s mammoth China operations in a consortium that includes private equity shop KKR & Co. The China Investment Corp.-led group was doing due diligence on the business, which could be valued at $7 billion to $8 billion, according to CNBC and Bloomberg.
In other news, two big apartment complex developments — including one on the site of the Phoenix Hill Tavern in the Highlands — may be in jeopardy without richer financial incentives from the city (CJ).