An earlier version of this report had a typo in the net income number for the third quarter of 2021. It has been corrected.
Kraft Heinz Co. shares KHC, -0.19% soared 3.9% in premarket trade Wednesday, after the food company blew past earnings estimates for the third quarter. The company posted net income of $432 million, or 35 cents a share, for the quarter, down from $733 million, or 59 cents a share, in the year-earlier period. The decline was mostly due to higher non-case impairment charges. Adjusted for one-time items, the company had EPS of 63 cents, ahead of the 56 cent FactSet consensus. Revenue rose 2.9% to $6.505 billion, also ahead of the $6.269 billion FactSet consensus. “We are driving net sales growth across both North America and International segments, fueled by each of our three pillars of growth: our GROW platforms in North America, Foodservice, and Emerging Markets,” Chief Executive Miguel Patricio said in a statement. Sales were boosted by a 15.4% increase in prices. The company is still expecting full-year organic sales growth, meaning adjusted for currency changes, in a high-single-digit percentage rate from the year-earlier period. Shares have gained 3% in the year through Tuesday’s close, while the S&P 500 SPX, -0.65% has fallen 19%.
