The important US reporting season has kicked off with mixed results, with KFC owner Yum Brands boosting its expectations for the year, but aluminium producer Alcoa cutting forecasts.
Yum, which also owns the Pizza Hut and Taco Bell restaurant chains, enjoyed a 25% jump in operating profit to $471 million (£294 million) for the three months to September, with most of the growth from China. The group opened 394 new restaurants in the past five months, of which 192 were in China, and is the biggest Western restaurant operator in the country.
But lower industrial demand in China meant Alcoa, the biggest US aluminium producer, trimmed its expectations for global demand for the metal. Consumption would rise 6% this year, Alcoa said, a reduction on the 7% prediction it made in July. “We do see a slight slowdown in some regions in end- markets, and the main driver for this is China,” it said.
