Kraft Heinz Co. (NASDAQ: KHC) reported its third-quarter financial results before the markets opened on Thursday. The company said that it had $0.69 in earnings per share (EPS) and $6.08 billion in revenue, while consensus estimates had called for $0.53 in EPS on revenue of $6.12 billion. In the same period of last year, the food maker said it had EPS of $0.76 and $6.38 billion in revenue.
During the most recent quarter, organic net sales decreased 1.1% from last year. Pricing increased 1.0 percentage points, reflecting higher pricing in the United States, Rest of World and EMEA segments that more than offset lower pricing in Canada.
In terms of its segments, the company reported as follows:
- United States net sales declined 1.6% year over year to $4.36 billion.
- Canada net sales declined 21.1% to $415 million.
- EMEA net sales decreased by 3.5% to $612 million.
- Rest of World net sales decreased by 13.3% to $688 million.
In the report, the company offered no guidance for the third quarter. However, the consensus estimates call for $0.63 in EPS and $6.369 billion in revenue for the fourth quarter.
Miguel Patricio, Kraft Heinz CEO, commented:
While our third-quarter results remain below our potential, we showed sequential improvement versus the first half, and I believe we are beginning to operate the business better. We are making good progress in identifying and addressing the root causes of past performance, as well as setting our strategic direction. Although there is still much work ahead, we’re encouraged by our improving performance, and are even more confident in our ability to turn around the Company and set a path of long term growth and profitability.
Shares of Kraft Heinz traded early Thursday at $30.70, up more than 7%, with a consensus price target of $28.59 and a 52-week trading range of $24.86 to $56.50.