Kraft Heinz Touts 'significant Gains' From Cost Savings Post Merger
Shares of food giant Kraft Heinz Co. fell 1% late Thursday despite earnings that came in above expectations. Kraft Heinz said it earned $842 million, or 69 cents a share, in the third quarter, reversing a loss of $303 million, or 27 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 83 cents a share in the third quarter, up from 44 cents a share a year ago. Net sales rose to $6.3 billion, from $6.1 billion a year ago. Analysts polled by FactSet had expected Kraft Heinz to report adjusted earnings of 74 cents a share on sales of $6.3 billion. Thursday's results reflected a combination of "significant gains" from cost savings post the 2015 merger that created the company. Shares of Kraft Heinz had ended the regular trading day down 2.2%.
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