Kraft Heinz Lifts FY23 Earnings View Above Market; Backs Sales Forecast - Update

(RTTNews) - Kraft Heinz Co. (KHC) on Wednesday lifted its forecast for fiscal 2023 earnings above market estimates, and maintained organic sales growth view.

For fiscal year 2023, the company now expects adjusted earnings per share to be in the range of $2.91 to $2.99, compared to the previous range of $2.83 to $2.91.

On average, 20 analysts polled by Thomson Reuters expect earnings of $2.73 per share for the year. Analysts' estimates typically exclude special items.

Further, the company continues to expect organic net sales growth of 4 to 6 percent from the prior year, but closer to the lower end of the range at around 4 percent.

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

The company's earnings totaled $262 million, or $0.21 per share. This compares with $432 million, or $0.35 per share, in last year's third quarter.

Adjusted earnings were $0.72 per share for the period. Analysts had expected the company to earn $0.62 per share.

The company's revenue for the quarter rose 0.9 percent to $6.57 billion from $6.51 billion last year.

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