Kraft Heinz Shares 0.3% Lower After Earnings Beat, Revenue Miss

Shares of Kraft Heinz Co. declined 0.3% late Thursday after the food giant reported adjusted earnings above expectations but missed sales forecasts. Kraft Heinz earned $1.16 billion, or 94 cents a share, in the quarter, compared with $770 million, or 63 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 98 cents a share in the quarter, from 85 cents a share a year ago. Revenue fell to $6.68 billion in the quarter, from $6.79 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 95 cents a share on sales of $6.73 billion. In a separate statement, Kraft Heinz said that its board of directors approved an increase in the company's quarterly dividend to 62.5 cents a share. This represents an increase of about 4.2% versus the prior quarterly dividend rate of 60 cents a share. The dividend is payable on Sept. 15 to shareholders of record as of Aug. 18.