Kraft Heinz Sees Growth In FY24 Adjusted Earnings - Update

(RTTNews) - Kraft Heinz Co. (KHC), while reporting weak fourth-quarter results, on Wednesday said it expects fiscal 2024 adjusted earnings per share growth of 1 to 3 percent, or in the range of $3.01 to $3.07.

Analysts on average expect the company to report earnings of $3.03 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted operating income growth is expected to be 2 to 4 percent, and organic net sales growth is expected to be 0 to 2 percent from the prior year.

In the fourth quarter, Kraft Heinz's earnings decreased from last year but beat the Street estimates.

The company's bottom line came in at $757 million, or $0.61 per share. This compares with $890 million, or $0.72 per share, in last year's fourth quarter.

Adjusted earnings were $964 million or $0.78 per share for the period. Analysts had expected the company to earn $0.77 per share.

The company's revenue for the quarter fell 7.0 percent to $6.86 billion from $7.38 billion last year.

In pre-market activity on Nasdaq, Kraft Heinz shares were losing around 1.3 percent to trade at $35.65.

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