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Kraft-Heinz Co. Suffers Sales Declines in Fourth Quarter

Feb, 16th 04:30

Shares of Kraft-Heinz Co. dropped more than 2% in late trading on Wednesday after the food company posted a fourth-quarter sales decline.

The company said it earned a total of $944.0 million, or 77 cents per share, in the reported quarter, up from $285.0 million, or 23 cents per share, for the same period last year. Adjusted for one-time items, earnings per shares came in at 91 cents, beating the 87 cents forecast by analysts.

Meanwhile, sales were down 3.8% to $6.86 billion from $7.12 billion, hit by a decline in U.S. demand. Accounting for more than 70 percent of total sales, U.S. sales shed 3.1% to $4.8 billion. Affected by a stronger dollar, sales in other parts of the world traced a downward rally. Indeed, sales in Canada and European fell 2.4% and 13.3%, respectively, not to mention sales in the rest of the world which were down 0.7%.

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