Kraft Heinz Swings To Gain In The Fourth Quarter

Kraft Heinz Co. shares rose 2% in late trading Thursday after the food company swung to gains and reported sales in line with forecast. Kraft Heinz said it earned 23 cents a share in the fourth quarter, versus a loss of 4 cents a share in the year-ago period. Adjusted for one-time items, the company said it earned 62 cents a share, from 56 cents a share a year ago. Revenue reached $7.12 billion, down 5% from the year-ago period. Analysts polled by FactSet had expected the food company to report adjusted earnings of 58 cents a share on of $7 billion. "The important integration work and financial results we delivered in 2015 set a solid base on which we can drive sustainable growth across our global business," Kraft Heinz CEO Bernardo Hees said. "We are working to implement proven management methodologies, remove inefficient spending and streamline our organization, while investing in our brands and innovation to drive long-term profitable growth."