US food company Kraft Heinz said that sales in the second quarter totalled 6.352 billion dollars, down a reported 1.9% and an organic 2.7%. Analysts expected 6.26 billion dollars.
The company said in the quarter ended June 28 it posted a loss per share of 6.6 dollars compared to earnings of 0.08 per share in the same period a year earlier. On an adjusted basis EPS fell to 0.69 dollars from 0.78. Analysts expected 0.64 dollars per share.
The company posted an operating loss of 7.974 billion dollars in the period, driven by non-cash impairment losses of 9.3 billion, compared with operating income of 522 million a year earlier.
The Philadelphia Cream Cheese maker, which reiterated it was evaluating strategic transactions for some brands, confirmed its full-year outlook.
The company posted an operating loss of billion dollars in the period, driven by non-cash impairment losses of 9.3 billion, compared with operating income of 522 million a year earlier.
"We are excited about the future and the momentum we're building across our business," CEO Carlos Abrams-Rivera said.
"We are generating strong cash flow, maintaining our target Net Leverage ratio, and returning capital to stockholders, providing us with solid financial flexibility."
