February 16, 2018 / 12:38 PM / 4 months ago

Kraft Heinz quarterly profit, sales miss estimates

(Reuters) - Kraft Heinz Co’s quarterly profit and sales missed analysts’ estimates on Friday, hurt by lower shipments for nuts, natural cheese and cold cuts in the U.S.

FILE PHOTO: A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York March 25, 2015. REUTERS/Brendan McDermid/File Photo

Shares of the company, which is backed by billionaire-investor Warren Buffett and private equity firm 3G Capital, fell marginally in premarket trading.

Sales in the U.S., the company’s biggest market, fell 1.1 percent to $4.79 billion, declining for the seventh straight quarter and also missing analysts’ average estimate of $4.81 billion, according to Thomson Reuters I/B/E/S.

The company’s net income rose to $8 billion, or $6.52 per share, in the fourth quarter ended Dec. 30, from $944 million, or 77 cents per share, a year earlier.

The reported quarter had a benefit related to the overhaul of the U.S. tax code.

The company, which owns brands such as Velveeta cheese and Heinz ketchup, said net sales inched up 0.3 percent to $6.88 billion, missing estimates of $6.92 billion.

Excluding items, the company earned 90 cents per share, missing estimates of 95 cents.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Savio D'Souza and Shounak Dasgupta

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below