Yum! Brands Reports Solid First-Quarter System Sales Growth of 8%; Same-Store Sales Growth of 4%; GAAP Operating Profit Decline of (22)%; Core Operating Profit Growth of 12%

LOUISVILLE, Ky.–(BUSINESS WIRE)–Yum! Brands, Inc. (NYSE: YUM) today reported results for the
first-quarter ended March 31, 2019. Worldwide system sales excluding
foreign currency translation grew 8%, with 7% net-new units and 4%
same-store sales growth. First-quarter GAAP EPS was $0.83, a decrease of
(35)%. First-quarter EPS excluding Special Items was $0.82, a decrease
of (8)%.


GREG CREED COMMENTS

Greg Creed, CEO, said, “The third and final year of our transformation
is underway and I’m thrilled with the progress towards our commitment to
becoming a more focused, more franchised, and more efficient growth
company. First-quarter results were a solid start to the year,
reflecting particular strength at the KFC division and Taco Bell
U.S. With this quarter, we have a healthy foundation to help us achieve
our 2019 guidance. Through the lens of our four growth drivers, we
continue to leverage our unprecedented scale and expand our capabilities
with the goal of improving franchise economics and accelerating growth.
We remain confident in our enviable business model and our commitment to
lasting growth that maximizes shareholder value.”

FIRST-QUARTER HIGHLIGHTS

  • Worldwide system sales excluding foreign currency translation grew 8%,
    with KFC at 9%, Taco Bell at 7%, and Pizza Hut at 7%. Adjusting the
    prior year base to include Telepizza, system sales growth excluding
    foreign currency translation would have been 7% worldwide and 1% for
    the Pizza Hut Division.
  • We opened 310 net units in the quarter. On a year-over-year basis,
    which takes into account the strategic alliance with Telepizza in the
    fourth-quarter 2018, net new unit growth was 7%.
  • We repurchased 1.1 million shares totaling $106 million at an average
    price of $94.
  • We reflected the change in fair value of our investment in Grubhub by
    recording $20 million of pre-tax investment expense, resulting in a
    negative ($0.05) impact in EPS. Our Grubhub investment unfavorably
    impacted year-over-year EPS growth by ($0.21).
  • Foreign currency translation unfavorably impacted divisional operating
    profit by $19 million.
       
    % Change

System Sales
Ex F/X

   

Same-Store
Sales

   

Net New Units

   

GAAP
Operating
Profit2

   

Core
Operating
Profit2

KFC Division +9     +5     +6     +7     +14
Pizza Hut Division1 +7 Even +10 +11 +14
Taco Bell Division     +7     +4     +3     +5     +5
Worldwide1     +8     +4     +7     (22)     +12
 
       
    First Quarter
2019     2018     % Change
GAAP EPS $0.83     $1.27     (35)
Special Items EPS2 $0.01     $0.37     NM
EPS Excluding Special Items     $0.82     $0.90     (8)
 
        1  

Pizza Hut Division and Worldwide system sales ex F/X and net
new units include the benefit of our strategic alliance with
Telepizza in the fourth-quarter 2018. Same-store sales reflects
the inclusion of Telepizza in the prior year base.

2

See reconciliation of Non-GAAP Measurements to GAAP Results
within this release for further detail of GAAP Operating Profit
and Special Items.

 

All comparisons are versus the same period a year ago.
System
sales growth figures exclude foreign currency translation (“F/X”) and
core operating profit growth figures exclude F/X and Special Items.
Special Items are not allocated to any segment and therefore only impact
worldwide GAAP results. See reconciliation of Non-GAAP Measurements to
GAAP Results within this release for further details.

KFC DIVISION

       
    First Quarter
        %/ppts Change
2019     2018     Reported     Ex F/X
Restaurants 22,886 21,644 +6     N/A
System Sales ($MM) 6,547 6,329 +3 +9
Same-Store Sales Growth (%) +5 +2 NM NM
Franchise and Property Revenues ($MM) 323 307 +5 +12
Operating Profit ($MM) 236 221 +7 +14
Operating Margin (%)     41.7     33.6     8.1     7.9
 
       
    First Quarter (% Change)
      International     U.S.
System Sales Growth Ex F/X +11     +2
Same-Store Sales Growth     +5     +2
 
  • KFC Division opened 372 new restaurants in 46 countries.
  • Operating margin increased 8.1 percentage points driven by
    refranchising and same-store sales growth.
  • Foreign currency translation unfavorably impacted operating profit by
    $16 million.
             
KFC Markets1     Percent of KFC System Sales2     System Sales Growth Ex F/X
        First Quarter

(% Change)

China 27% +11
United States 17% +2
Asia 12% +8
Russia & Eastern Europe 8% +18
Australia 7% +7
United Kingdom 6% +19
Latin America 5% +10
Western Europe 5% +9
Africa 4% +13
Middle East / Turkey / North Africa 4% +7
Canada 2% (3)
Thailand 2% +8
India     1%     +26
 
1  

Refer to investors.yum.com under Financial Reports for
a list of the countries within each of the markets.

2

Reflects Full Year 2018.

 

PIZZA HUT DIVISION

       
    First Quarter
        %/ppts Change
2019     2018     Reported     Ex F/X
Restaurants 18,466 16,796 +10     N/A
System Sales ($MM)1 3,131 3,032 +3 +7
Same-Store Sales Growth (%)1 Even +1 NM NM
Franchise and Property Revenues ($MM) 145 149 (3) Even
Operating Profit ($MM) 97 88 +11 +14
Operating Margin (%)     40.1     35.0     5.1     5.6
 
       
    First Quarter (% Change)
      International     U.S.
System Sales Growth Ex F/X1 +13     (1)
Same-Store Sales Growth1     Even     Even
 
  • Pizza Hut Division opened 172 new restaurants in 39 countries.
  • Operating margin increased 5.1 percentage points driven by
    refranchising and lower franchise and property expense due to lower
    advertising spend associated with the U.S. Transformation Agreement.
  • Foreign currency translation unfavorably impacted operating profit by
    $3 million.
             
Pizza Hut Markets2    

Percent of Pizza Hut System Sales3

   

System Sales
Growth Ex F/X 1

       

First Quarter
(% Change)

United States 46% (1)
China 17% +3
Asia 13% +4
Europe (excluding Spain & Portugal) 9% +3
Latin America (including Spain & Portugal) 7% +84
Middle East / Turkey / North Africa 4% +7
Canada 2%
India 1% +11
Africa     <1%     +37
 

1  

System sales ex F/X includes the benefit of our strategic
alliance with Telepizza in the fourth-quarter 2018. Same-store
sales reflects the inclusion of Telepizza in the prior year base.

2

Refer to investors.yum.com under Financial Reports for
a list of the countries within each of the markets.

3

Reflects Full Year 2018. Europe and Latin America adjusted
for transfer of reporting responsibility of Spain and Portugal
Pizza Hut units from Europe to Latin America as a result of the
Telepizza alliance.

 

TACO BELL DIVISION

       
    First Quarter
        %/ppts Change
2019     2018     Reported     Ex F/X
Restaurants 7,105 6,883 +3     N/A
System Sales ($MM) 2,506 2,347 +7 +7
Same-Store Sales Growth (%) +4 +1 NM NM
Franchise and Property Revenues ($MM) 144 128 +12 +13
Operating Profit ($MM) 138 132 +5 +5
Operating Margin (%)     31.0     28.5     2.5     2.5
 
  • Taco Bell Division opened 62 new restaurants, including 12 new
    international restaurants.
  • Operating margin increased 2.5 percentage points driven by
    refranchising and same-store sales growth.

OTHER ITEMS

  • Disclosures pertaining to outstanding debt in our Restricted Group
    capital structure will be provided at the time of the filing of the
    first-quarter Form 10-Q.

CONFERENCE CALL

Yum! Brands, Inc. will host a conference call to review the company’s
financial performance and strategies at 8:15 a.m. Eastern Time May 1,
2019. The number is 877/815-2029 for U.S. callers and 706/645-9271 for
international callers, conference ID 2388316.

The call will be available for playback beginning at 11:00 a.m. Eastern
Time May 1, 2019 through June 7, 2019. To access the playback, dial
855/859-2056 in the U.S. and 404/537-3406 internationally, conference ID
2388316.

The webcast and the playback can be accessed via the website by visiting
Yum! Brands’ website, investors.yum.com/events-and-presentations
and selecting “Q1 2019 Yum! Brands, Inc. Earnings Call.”

ADDITIONAL INFORMATION ONLINE

Quarter end dates for each division, restaurant count details,
definitions of terms and Restricted Group financial information are
available at investors.yum.com. Reconciliation of non-GAAP
financial measures to the most directly comparable GAAP measures are
included within this release.

FORWARD-LOOKING STATEMENTS

This announcement may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. We intend all forward-looking
statements to be covered by the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
generally can be identified by the fact that they do not relate strictly
to historical or current facts and by the use of forward-looking words
such as “expect,” “expectation,” “believe,” “anticipate,” “may,”
“could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,”
“likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,”
“forecast,” “outlook” or similar terminology. These statements are based
on and reflect our current expectations, estimates, assumptions and/or
projections, our perception of historical trends and current conditions,
as well as other factors that we believe are appropriate and reasonable
under the circumstances. Forward-looking statements are neither
predictions nor guarantees of future events, circumstances or
performance and are inherently subject to known and unknown risks,
uncertainties and assumptions that could cause our actual results to
differ materially from those indicated by those statements. There can be
no assurance that our expectations, estimates, assumptions and/or
projections, including with respect to the future earnings and
performance or capital structure of Yum! Brands, will prove to be
correct or that any of our expectations, estimates or projections will
be achieved.

Numerous factors could cause our actual results and events to differ
materially from those expressed or implied by forward-looking
statements, including, without limitation: food safety and food
borne-illness issues; health concerns arising from outbreaks of viruses
or other diseases; the success of our franchisees and licensees; the
success of our transformation initiatives, including our refranchising
strategy; our significant exposure to the Chinese market; changes in
economic and political conditions in countries and territories outside
of the U.S. where we operate; our ability to protect the integrity and
security of individually identifiable data of our customers and
employees; our ability to successfully implement technology initiatives;
our increasing dependence on digital commerce platforms and information
technology systems; the impact of social media; our ability to secure
and maintain distribution and adequate supply to our restaurants; the
success of our development strategy in emerging markets; changes in
commodity, labor and other operating costs; pending or future litigation
and legal claims or proceedings; changes in or noncompliance with
government regulations, including labor standards and anti-bribery or
anti-corruption laws; tax matters, including changes in tax laws or
disagreements with taxing authorities; consumer preferences and
perceptions of our brands; changes in consumer discretionary spending
and general economic conditions; competition within the retail food
industry; and risks relating to our significant amount of indebtedness.
In addition, other risks and uncertainties not presently known to us or
that we currently believe to be immaterial could affect the accuracy of
any such forward-looking statements. All forward-looking statements
should be evaluated with the understanding of their inherent uncertainty.

The forward-looking statements included in this announcement are only
made as of the date of this announcement and we disclaim any obligation
to publicly update any forward-looking statement to reflect subsequent
events or circumstances. You should consult our filings with the
Securities and Exchange Commission (including the information set forth
under the captions “Risk Factors” and “Forward-Looking Statements” in
our most recently filed Annual Report on Form 10-K and Quarterly Report
on Form 10-Q) for additional detail about factors that could affect our
financial and other results.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 48,000
restaurants in more than 145 countries and territories primarily
operating the company’s brands — KFC, Pizza Hut and Taco Bell — global
leaders of the chicken, pizza and Mexican-style food categories.
Worldwide, the Yum! Brands system opens over eight new restaurants per
day on average, making it a leader in global retail development. In
2018, Yum! Brands was named to the Dow Jones Sustainability North
America Index and ranked among the top 100 Best Corporate Citizens by
Corporate Responsibility Magazine. In 2019, Yum! Brands was named to the
Bloomberg Gender-Equality Index for the second consecutive year.

 

YUM! Brands, Inc.

Condensed Consolidated Summary of Results

(amounts in millions, except per share amounts)

(unaudited)

       
Quarter ended % Change
3/31/19     3/31/18 B/(W)
Revenues
Company sales $ 333 $ 512 (35 )
Franchise and property revenues 612 584 5
Franchise contributions for advertising and other services 309   275   12
Total revenues 1,254   1,371   (9 )
 
Costs and Expenses, Net
Company restaurant expenses 272 438 38
General and administrative expenses 211 219 3
Franchise and property expenses 43 47 6
Franchise advertising and other services expense 301 272 (11 )
Refranchising (gain) loss (6 ) (156 ) (96 )
Other (income) expense   (2 ) NM
Total costs and expenses, net 821   818  
 
Operating Profit 433 553 (22 )
Investment (income) expense, net 16 (66 ) NM
Other pension (income) expense 3 3 20
Interest expense, net 115   107   (8 )
Income before income taxes 299 509 (41 )
Income tax provision 37   76   52
Net Income $ 262   $ 433   (39 )
 
Effective tax rate 12.3 % 15.0 % 2.7 ppts.
 

Basic EPS

EPS $ 0.85   $ 1.30   (35 )
Average shares outstanding 308   332   7
 

Diluted EPS

EPS $ 0.83   $ 1.27   (35 )
Average shares outstanding 315   340   8
 
Dividends declared per common share $ 0.42   $ 0.36  
 

See accompanying notes.

 

Percentages may not recompute due to rounding.

 
       

YUM! Brands, Inc.

KFC DIVISION Operating Results

(amounts in millions)

(unaudited)

 
Quarter ended % Change
3/31/19     3/31/18 B/(W)
 
Company sales $ 125 $ 245 (49 )
Franchise and property revenues 323 307 5
Franchise contributions for advertising and other services 118   106   11
Total revenues 566   658   (14 )
 
Company restaurant expenses 108 220 51
General and administrative expenses 78 85 8
Franchise and property expenses 28 29 2
Franchise advertising and other services expense 116 104 (11 )
Other (income) expense   (1 ) NM
Total costs and expenses, net 330   437   24
Operating Profit $ 236   $ 221   7
 
Restaurant margin 14.1 % 10.5 % 3.6 ppts.
 
Operating margin 41.7 % 33.6 % 8.1 ppts.
 

See accompanying notes.

 

Percentages may not recompute due to rounding.

 
       

YUM! Brands, Inc.

PIZZA HUT DIVISION Operating Results

(amounts in millions)

(unaudited)

 
Quarter ended % Change
3/31/19     3/31/18 B/(W)
 
Company sales $ 11 $ 24 (55 )
Franchise and property revenues 145 149 (3 )
Franchise contributions for advertising and other services 87   78   12
Total revenues 243   251   (3 )
 
Company restaurant expenses 11 24 56
General and administrative expenses 47 50 5
Franchise and property expenses 5 11 53
Franchise advertising and other services expense 83 78 (7 )
Other (income) expense     NM
Total costs and expenses, net 146   163   11
Operating Profit $ 97   $ 88   11
 
Restaurant margin 3.9 % (0.1 )% 4.0 ppts.
 
Operating margin 40.1 % 35.0 % 5.1 ppts.
 

See accompanying notes.

 

Percentages may not recompute due to rounding.

 
       

YUM! Brands, Inc.

TACO BELL DIVISION Operating Results

(amounts in millions)

(unaudited)

 
Quarter ended % Change
3/31/19     3/31/18 B/(W)
 
Company sales $ 197 $ 243 (19 )
Franchise and property revenues 144 128 12
Franchise contributions for advertising and other services 104   91   14
Total revenues 445   462   (4 )
 
Company restaurant expenses 153 194 21
General and administrative expenses 43 40 (8 )
Franchise and property expenses 9 6 (53 )
Franchise advertising and other services expense 102 90 (13 )
Other (income) expense     NM
Total costs and expenses, net 307   330   7
Operating Profit $ 138   $ 132   5
 
Restaurant margin 22.0 % 19.6 % 2.4 ppts.
 
Operating margin 31.0 % 28.5 % 2.5 ppts.
 

See accompanying notes.

 

Percentages may not recompute due to rounding.

 
       

YUM! Brands, Inc.

Condensed Consolidated Balance Sheets

(amounts in millions)

 

(unaudited)
3/31/19

12/31/18
ASSETS
Current Assets
Cash and cash equivalents $ 278 $ 292
Accounts and notes receivable, less allowance: $41 in 2019 and $31
in 2018
543 561
Prepaid expenses and other current assets 365   354  
Total Current Assets 1,186 1,207
 

Property, plant and equipment, net of accumulated depreciation and
amortization of $1,126 in 2019 and $1,116 in 2018

1,212 1,237
Goodwill 529 525
Intangible assets, net 243 242
Other assets 1,372 724
Deferred income taxes 202   195  
Total Assets $ 4,744   $ 4,130  
 
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and other current liabilities $ 918 $ 911
Income taxes payable 71 69
Short-term borrowings 338   321  
Total Current Liabilities 1,327 1,301
 
Long-term debt 9,736 9,751
Other liabilities and deferred credits 1,585   1,004  
Total Liabilities 12,648   12,056  
 
Shareholders’ Deficit
Common stock, no par value, 750 shares authorized; 306 shares issued
in both 2019 and 2018
Accumulated deficit (7,580 ) (7,592 )
Accumulated other comprehensive loss (324 ) (334 )
Total Shareholders’ Deficit (7,904 ) (7,926 )
Total Liabilities and Shareholders’ Deficit $ 4,744   $ 4,130  
 

See accompanying notes.

 
   

YUM! Brands, Inc.

Condensed Consolidated Statements of Cash Flows

(amounts in millions)

(unaudited)

 
Quarter ended
3/31/19     3/31/18
Cash Flows – Operating Activities
Net Income $ 262 $ 433
Depreciation and amortization 26 37
Refranchising (gain) loss (6 ) (156 )
Investment (income) expense, net 16 (66 )
Contributions to defined benefit pension plans (9 ) (3 )
Deferred income taxes (1 ) (1 )
Share-based compensation expense 17 17
Changes in accounts and notes receivable 14 4
Changes in prepaid expenses and other current assets (13 ) (22 )
Changes in accounts payable and other current liabilities (50 ) (99 )
Changes in income taxes payable (5 ) 13
Other, net 49   32  
Net Cash Provided by Operating Activities 300   189  
 
Cash Flows – Investing Activities
Capital spending (44 ) (42 )
Proceeds from refranchising of restaurants 14 205
Other, net (4 ) 1  
Net Cash Provided by (Used in) Investing Activities (34 ) 164  
 
Cash Flows – Financing Activities
Proceeds from long-term debt
Repayments of long-term debt (20 ) (332 )
Revolving credit facilities, three months or less, net
Short-term borrowings by original maturity
More than three months – proceeds 58 12
More than three months – payments (41 ) (7 )
Three months or less, net
Repurchase shares of Common Stock (109 ) (498 )
Dividends paid on Common Stock (129 ) (120 )
Debt issuance costs
Other, net (37 ) (31 )
Net Cash Used in Financing Activities (278 ) (976 )
Effect of Exchange Rate on Cash and Cash Equivalents 12   38  
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted
Cash and Restricted Cash Equivalents
(585 )
Cash, Cash Equivalents, Restricted Cash and Restricted Cash
Equivalents – Beginning of Period
474   1,668  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash
Equivalents – End of Period
$ 474   $ 1,083  
 

See accompanying notes.

 

Reconciliation of Non-GAAP Measurements to GAAP Results

(amounts in millions, except per share amounts)

(unaudited)

In addition to the results provided in accordance with Generally
Accepted Accounting Principles in the United States of America (“GAAP”),
the Company provides the following non-GAAP measurements.

  • System sales and System sales excluding the impacts of foreign
    currency translation (“FX”). System sales include the results of all
    restaurants regardless of ownership, including Company-owned and
    franchise restaurants. Sales of franchise restaurants typically
    generate ongoing franchise and license fees for the Company at a rate
    of 3% to 6% of sales. Franchise restaurant sales are not included in
    Company sales on the Condensed Consolidated Statements of Income;
    however, the franchise and license fees are included in the Company’s
    revenues. We believe System sales growth is useful to investors as a
    significant indicator of the overall strength of our business as it
    incorporates our primary revenue drivers, Company and franchise
    same-store sales as well as net unit growth.
  • Diluted Earnings Per Share (“EPS”) excluding Special Items (as defined
    below);
  • Effective Tax Rate excluding Special Items;
  • Core Operating Profit. Core Operating Profit excludes Special Items
    and FX and we use Core Operating Profit for the purposes of evaluating
    performance internally.

These non-GAAP measurements are not intended to replace the presentation
of our financial results in accordance with GAAP. Rather, the Company
believes that the presentation of these non-GAAP measurements provide
additional information to investors to facilitate the comparison of past
and present operations.

Special Items are not included in any of our Division segment results as
the Company does not believe they are indicative of our ongoing
operations due to their size and/or nature. Our chief operating decision
maker does not consider the impact of Special Items when assessing
segment performance. The Special Items are described in (b), (c) and (d)
in the accompanying notes.

Certain non-GAAP measurements are presented excluding the impact of FX.
These amounts are derived by translating current year results at prior
year average exchange rates. We believe the elimination of the FX impact
provides better year-to-year comparability without the distortion of
foreign currency fluctuations.

   
Quarter ended
3/31/19     3/31/18
Detail of Special Items
Refranchising gain (loss)(b) $ 6 $ 156
Other Special Items Expense (2 ) (3 )
Special Items Income – Operating Profit 4 153
Tax Expense on Special Items(c) (1 ) (19 )
Tax Expense – U.S. Tax Act(d)   (6 )
Special Items Income, net of tax 3   128  
Average diluted shares outstanding 315   340  
Special Items diluted EPS $ 0.01   $ 0.37  
 
Reconciliation of GAAP Operating Profit to Core Operating Profit
 

Consolidated

GAAP Operating Profit $ 433 $ 553
Special Items Income 4 153
Foreign Currency Impact on Divisional Operating Profit (19 ) N/A
Core Operating Profit $ 448   $ 400  
 

KFC Division

GAAP Operating Profit $ 236 $ 221
Foreign Currency Impact on Divisional Operating Profit (16 ) N/A
Core Operating Profit $ 252   $ 221  
 
   

Reconciliation of Non-GAAP Measurements to GAAP Results
(Continued)

(amounts in millions, except per share amounts)

(unaudited)

 
Quarter ended
3/31/19     3/31/18

Pizza Hut Division

GAAP Operating Profit $ 97 $ 88
Foreign Currency Impact on Divisional Operating Profit (3 ) N/A
Core Operating Profit $ 100   $ 88  
 

Taco Bell Division

GAAP Operating Profit $ 138 $ 132
Foreign Currency Impact on Divisional Operating Profit   N/A
Core Operating Profit $ 138   $ 132  
 
Reconciliation of Diluted EPS to Diluted EPS excluding Special
Items
Diluted EPS $ 0.83 $ 1.27
Special Items Diluted EPS 0.01   0.37  
Diluted EPS excluding Special Items $ 0.82   $ 0.90  
 
Reconciliation of GAAP Effective Tax Rate to Effective Tax Rate
excluding Special Items
GAAP Effective Tax Rate 12.3 % 15.0 %
Impact on Tax Rate as a result of Special Items 0.1 % 0.6 %
Effective Tax Rate excluding Special Items 12.2 % 14.4 %
 
Reconciliation of Company sales to System sales
 

Consolidated

GAAP Company sales $ 333 $ 512
Franchise sales 11,851   11,196  
System sales 12,184 11,708
Foreign Currency Impact on System sales (491 ) N/A
System sales, excluding FX $ 12,675   $ 11,708  
 

KFC Division

GAAP Company sales $ 125 $ 245
Franchise sales 6,422   6,084  
System sales 6,547 6,329
Foreign Currency Impact on System sales (383 ) N/A
System sales, excluding FX $ 6,930   $ 6,329  
 

Pizza Hut Division

GAAP Company sales $ 11 $ 24
Franchise sales 3,120   3,008  
System sales 3,131 3,032
Foreign Currency Impact on System sales (103 ) N/A
System sales, excluding FX $ 3,234   $ 3,032  
 

Taco Bell Division

GAAP Company sales $ 197 $ 243
Franchise sales 2,309   2,104  
System sales 2,506 2,347
Foreign Currency Impact on System sales (5 ) N/A
System sales, excluding FX $ 2,511   $ 2,347  
 

Contacts

Analysts are invited to contact:
Keith Siegner, Vice President,
Investor Relations, Corporate Strategy and Treasurer at 888/298-6986

Members of the media are invited to contact:
Virginia Ferguson,
Director, Public Relations, at 502/874-8200

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