Kraft Heinz Slips To Q3 Loss, Now Sees FY24 Outlook At Low End Of Previous View; Stock Down

(RTTNews) - Kraft Heinz Co. (KHC), while reporting a loss in its third quarter on weak revenues, on Wednesday said it now sees fiscal 2024 adjusted earnings and organic net sales at low end of previous guidance range.

In pre-market activity on the Nasdaq, Kraft Heinz shares were losing around 3.4 percent to trade at $33.61.

For fiscal year 2024, the company now expects adjusted earnings per share growth to be at the low end of the previous guidance range of 1 to 3 percent, or in the range of $3.01 to $3.07.

Analysts on average expect the company to earn $3.02 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted operating income growth is now projected to be at the low end of the previous guidance range of 1 to 3 percent versus the prior year.

Further, the company now expects organic net sales to be at the low end of the previous guidance range of down 2 percent to flat versus the prior year.

In its third quarter, Kraft Heinz reported a net loss of $290 million, compared to prior year's profit of $262 million. Loss per share were $0.24, compared to earnings of $0.21 in the same period last year.

Adjusted earnings were $913 million or $0.75 per share for the period. Analysts projected $0.74 per share.

Revenue declined to $6.383 billion from last year's $6.570 billion, while the Street was looking for revenues of $6.42 billion.

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