Kraft Heinz reported a second-quarter loss of $5.46 billion, or $4.60 a share, narrower than the $7.82 billion loss a year earlier. The maker of Jell-O and Lunchables cited inflation in manufacturing and logistics, plus higher advertising costs, as headwinds.
Adjusted per-share earnings came in at 56 cents, beating the 53-cent consensus from FactSet. Revenue declined 1.4% to $6.26 billion, surpassing the $6.13 billion analyst estimate.
Despite the profit decline, the company raised its full-year sales outlook as it implements price increases to offset elevated supply-chain expenses. Management signaled confidence that pricing actions will mitigate cost pressures through the remainder of 2024.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing