April 30, 2020 / 11:21 AM / a month ago

Virus-related food stockpiling lifts Kraft Heinz Q1 sales

LONDON, April 30 (Reuters) - U.S. food producer Kraft Heinz Co reported higher quarterly sales on Thursday, helped by coronavirus-related stockpiling.

The maker of Heinz ketchup, Kraft Macaroni & Cheese and Oscar Mayer lunch meat said first-quarter sales were $6.16 billion, up from $5.96 billion a year earlier, and slightly ahead of analysts’ average estimate of $6.14 billion, according to IBES data from Refinitiv.

Net income fell to $378 million, or 31 cents per share, from $405 million, or 33 cents per share, a year earlier. Excluding items, adjusted earnings were 58 cents per share, it said.

Looking forward, the company forecast low to mid-single-digit organic net sales growth and mid-single-digit constant-currency adjusted EBITDA growth for the current second quarter. (Reporting by Martinne Geller; editing by David Evans)

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