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Aug. 4, 2021, 7:14 a.m. EDT

Kraft Heinz sales slip but beat expectations

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By Tonya Garcia

SPX

Kraft Heinz Co. reported a second-quarter net loss of $27 million, or 2 cents per share, after a loss of $1.65 billion, or $1.35 per share, last year. Adjusted EPS of 78 cents beat the FactSet consensus for 72 cents. Sales of $6.615 billion were down from $6.648 billion last year and ahead of the FactSet consensus for $6.551 billion. Kraft says sales were impacted by the divestiture of the nuts business, which closed during the quarter. For 2021, Kraft is forecasting organic net sales growth in the mid-single-digit percentage. The FactSet forecast is for sales of $25.285 billion, suggesting a 3.4% decline. Kraft stock slipped 0.4% in Wednesday premarket trading, and has gained 12.4% for the year to date. The benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.84% has gained 17.8% for the period.

/zigman2/quotes/210599714/realtime
US : S&P US
4,538.43
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p
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