Kraft Heinz Raises Full Year Outlook - Quick Facts

While reporting third-quarter results on Wednesday, The Kraft Heinz Company (KHC) has increased its expectations for 2021 adjusted EBITDA to more than $6.2 billion, from at least $6.1 billion. Also, the company expects organic net sales growth in 2021 to be flat compared to an exceptionally strong 2020 period.

Third quarter adjusted EBITDA decreased 11.3 percent year-on-year to $1.5 billion. Adjusted earnings per share was $0.65, down 7.1 percent. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.58, for the quarter. Analysts' estimates typically exclude special items.

Net income increased 23.2 percent to $736 million. Earnings per share was $0.59, up 20.4 percent from prior year.

Net sales decreased 1.8 percent to $6.3 billion. Analysts expected revenue of $6.05 billion, for the quarter.

Shares of Kraft Heinz were up 1% in pre-market trade on Wednesday.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration or FDA has urged infant formula manufacturers to import infant formula products to the United States to meet the ongoing severe supply shortage. In order to further increase the availability of infant formula in the country, while protecting the health of infants, the regulator announced a guidance outlining increased flexibilities for the global manufacturers Retail giant Walmart Inc. reported Tuesday a profit for the first quarter of fiscal 2023 that declined 24.8 percent from last year, hurt by lower gross margins and net losses on equity investments. Adjusted earnings per share also missed analysts' expectations, but quarterly revenues topped it. The retailer also cut its earnings guidance for the second quarter and for the full-year 2023. Billionaire and Tesla CEO Elon Musk, who is in deal to acquire Twitter Inc., may seek a lower price for the social media platform as he estimates that there could be at least four times more fake accounts than what the company informed, Reuters reported. It was in late April that Twitter agreed to accept Musk's about $44 billion takeover offer and to become a privately held company.
Follow RTT