Kraft Heinz stock jumps on earnings beat

Kraft Heinz on Thursday reported quarterly earnings that topped analysts' expectations.

Shares of the company jumped almost 5% in premarket trading. Shares in the company, which has a market value of $34.8 billion, are down by about 33% so far this year, as of Wednesday's close.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 69 cents, adjusted, vs. 54 cents expected
  • Revenue: $6.08 billion vs. $6.13 billion expected

Kraft Heinz reported fiscal third-quarter net income of $899 million, or 74 cents per share, up from $619 million, or 50 cents per share, a year earlier.

On an adjusted basis, which excludes certain one-time items, the food giant earned 69 cents per share, topping the 54 cents per share expected by analysts surveyed by Refinitiv.

Net sales dropped 4.8% to $6.08 billion, missing expectations of $6.13 billion.

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