Kraft Heinz Reports Better Than Expected Earnings, Falls Short on Revenue


Shares of Kraft Heinz (ticker: KHC) experienced a decline in premarket trading following the release of their second-quarter earnings report. While the company beat expectations on adjusted earnings, it fell slightly short on revenue.

Kraft reported second-quarter adjusted earnings of 79 cents per share, outperforming the year-ago period and surpassing Wall Street forecasts of 76 cents. Revenue increased to $6.72 billion compared to the same period last year, driven by higher prices. However, the volume of sales fell slightly below expectations.

Despite the challenges faced in the second quarter, particularly in U.S. market share performance, Kraft Heinz Chairman and CEO, Miguel Patricio, expressed confidence in the company’s action plans. He stated in a press release, “The action plans we laid out in the first quarter resulted in share trend improvement each month. We expect these action plans, along with continued strong execution from our teams, to drive momentum through the second half of the year.”

Kraft Heinz reiterated its guidance for the full year, anticipating organic net sales growth of 4% to 6% from the prior year and adjusted earnings between $2.83 and $2.91 per share.

In premarket trading, Kraft shares fell 1.1% to $35.50.

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