Kraft-Heinz Shares Slip After Sales Decline
Kraft-Heinz Co. shares fell 1.7% in Wednesday after-hours trading after the food company reported a fourth-quarter sales decline. Net income for the quarter totaled $944.0 million, or 77 cents per share, up from $285.0 million, or 23 cents per share, for the same period last year. Adjusted EPS was 91 cents, beating the 87-cent FactSet consensus. Sales for the quarter were $6.86 billion, down from $7.12 billion but ahead of the $6.73 billion FactSet consensus. Sales in the U.S. were down 3.1% to $4.8 billion with strength in coffee and the macaroni-and-cheese portfolio offset by lower shipments in food service and cold cuts. Sales in Canada were down 2.4% to $617.0 million, European sales fell 13.3% to $600.0 million, and the rest of the world, which includes Latin America and Asia Pacific, Middle East and Africa, were down 0.7% in sales to $801.0 million. Kraft-Heinz shares are up 26.7% for the past year while the S&P 500 index is up 26% for the same period.
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