Kraft Heinz Beats Profit Expectations as Sales Slide
Sales of Kraft Heinz Co. KHC 13.44% ’s beleaguered products fell more than anticipated in the third quarter, but the food maker beat profit expectations after a year of weak results and strategic turmoil.
The maker of Velveeta cheese and Oscar Mayer meats on Thursday reported $6.08 billion in sales for the third quarter, a drop of about 5% from a year earlier. However, its adjusted profit of 69 cents a share topped analysts’ 53-cent forecast.
Shares rose 11% Thursday. Kraft Heinz’s shares had fallen 34% this year through Wednesday.