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Kraft Heinz reported second-quarter revenue that missed analysts’ estimates.
Alex Wong/Getty Images
Shares of
Kraft Heinz
were falling in premarket trading after the maker of products such as Jell-O and Maxwell House coffee beat second-quarter earnings expectations but fell short on revenue.
Kraft Heinz (ticker: KHC) reported second-quarter adjusted earnings of 79 cents. share, higher than the year-ago period and beating Wall Street forecasts of 76 cents. Revenue of $6.72 billion rose from a year ago, thanks to higher prices, but was still slightly short of expectations as volumes fell.
“While we did face headwinds in the second quarter, particularly within U.S. market share performance, the action plans we laid out in the first quarter resulted in share trend improvement each month,” said
Kraft Heinz
Chairman and CEO Miguel Patricio in a press release.
“We expect these action plans, along with continued strong execution from our teams, to drive momentum through the second half of the year,” he added.
The company reiterated its guidance for the full year, saying it expects organic net sales growth of 4% to 6% from a year ago and adjusted earnings of between $2.83 and $2.91 a share.
Kraft Heinz shares fell 1.1% to $35.50 in premarket trading.
Write to Emily Dattilo at [email protected]
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