The Kraft Heinz Company Rises As Quarterly Results Trounce Street View

(RTTNews) - Shares of The Kraft Heinz Company (KHC) are rising more than 4% Wednesday morning after reporting better-than-expected fourth-quarter results.

The company reported net loss of $257 million or $0.21 per share compared with net income of $1.032 billion or $0.84 per share in the same quarter a year ago, primarily driven by non-cash impairment losses of $1.3 billion.

Excluding items, earnings were $0.79. On average, 17 analysts polled by Thomson Reuters were expecting earnings of $0.63 per share.

Net sales decreased 3.3 percent from the year-ago period to $6.709 billion, but beat the consensus estimate of $6.61 billion.

Looking forward, the company expects a low-single-digit percentage increase in 2022 Organic net sales.

Further, the company's Board declared a quarterly dividend of $0.40 per share, payable on March 25, to stockholders of record as of March 11.

KHC, currently at $36.32, has traded in the range of $32.78- $44.95 in the past 52 weeks.