Kraft Heinz beats on earnings and raises its sales guidance

Kraft Heinz Co. reported second-quarter net income of $265 million, or 21 cents per share, after a loss of $27 million, or 2 cents per share, last year. Adjusted EPS of 70 cents beat the FactSet consensus for 68 cents. Sales of $6.554 billion were down from $6.615 billion and ahead of the FactSet consensus for $6.385 billion. Kraft Heinz now expects full year organic net sales growth in the high-single-digit percentage, up from previous guidance for growth in the mid-single-digit percentage. The FactSet consensus is for sales of $25.652 billion, implying a 1.5% decline. Kraft Heinz shares slipped 1% in Wednesday premarket trading, and is up 7.6% for the year to date. The benchmark S&P 500 index is down 17.7% for 2022 so far.

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