Kraft Heinz Co. Inches Lower Following Mixed Earnings Results
Shares of Kraft Heinz Co. fell 1.16% in extended session after the food giant posted a mixed third-quarter earnings results. While the company’s profit beat estimates, its revenue fell short of expectations.
The Pittsburgh-based company reported Q3 better-than-expected profit at 83 cents per share, which is higher than Wall Street’s 74 cents EPS estimate. Overall, revenue sales declined 1.5% to $6.27 billion from $6.36 billion, assuming Kraft Foods Group and H.J. Heinz had been merged.
For the quarter ended October 2, the world’s fifth largest food and beverage company witnessed declines in net sales year-over-year in half of its four regions. The U.S., Kraft Heinz Co.’s biggest market, posted a 1.2% retreat, while European market fell 14.5%. Canadian area’s sales edged up 2%, and revenue from the rest of the world rose 4.4%.
Buy Limit at 85.25, Stop loss at 88.00, take profit at 84.00