Kraft Heinz stock falls on 2Q revenue miss
Published: 09:02 02 Aug 2023 EDT
The Kraft Heinz Company on Wednesday reported financial results for its second quarter of 2023, generating revenue of $6.72 billion, which fell short of the consensus analyst estimate provided by Refinitiv of $6.82 billion, as inflation weighed on customers who bought fewer packaged meals and condiments.
The foods giant, though, recorded earnings per share (EPS) for the period of $0.79, $0.03 better than the consensus forecast of $0.76.
"We grew across each of our three pillars: Foodservice, Emerging Markets, and US Retail Grow Platforms," Kraft Heinz CEO Miguel Patricio said in a statement.
"While we did face headwinds in the second quarter, particularly within US market share performance, the action plans we laid out in the first quarter resulted in share trend improvement each month," he added.
The maker of Oscar Mayer meats, Jell-O pudding and Velveeta cheese also stated that it expects full-year earnings in the range of $2.83 to $2.91 per share, in line with the analyst consensus of $2.89.
Shares of Kraft Heinz were down nearly 1% in pre-market trading on Wednesday and are off 12% year to date.
Contact Sean at sean@proactiveinvestors.com
