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Kraft Heinz stock jumps on earnings beat

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.