Warren Buffett-backed Kraft Heinz leaps after 3rd-quarter results signal turnaround
soared as much as 11.8% in early Thursday trading after beating analyst estimates for third-quarter earnings.
The company fell below estimates for quarterly revenue. Kraft declined to issue formal guidance for the fourth quarter, instead saying it anticipated performance to fall in line with third-quarter results. The company is in the midst of a turnaround after recent quarters brought declining performance, multibillion-dollar writedowns, and investor scrutiny. Kraft's new CEO Miguel Patricio took the reins in July to drive the strategy shift.
"Three months in and we are getting to deeply understand our business. We are not where we believe we can be, but we are excited with the evolution," Patricio said in an analyst call Thursday.Adjusted earnings per share:The earnings beat followed price hikes for key products like macaroni and cheese, and Philadelphia cream cheese. Kraft still faces headwinds from consumers leaving legacy food brands for newer, health-focused alternatives.
related to a collection of poorly performing businesses. The report also fell below analyst expectations for quarterly sales., which owns a 27% stake in Kraft, told reporters in May that"there's something going on" with Kraft's finances and that it was in a dispute with its auditor, PricewaterhouseCoopers.. The sale involved 25.1 million shares and sent Kraft stock as much as 3.4% lower.
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