Currently, Kraft Heinz has a Zacks Rank #4 (Sell), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key pieces of information from this just announced report below.
1. Beat earnings estimates. The company posted earnings of $0.85 per share, beating our Zacks Consensus Estimate of $0.71.
2. Missed revenue estimates. The company saw revenue figures of $6.79 billion, missing our estimate of $6.83 billion.
3. “By implementing our integration program and improving our performance in the marketplace, we continued to drive results in the second quarter,” said Kraft Heinz CEO Bernardo Hees. “However, to sustain our momentum, we must remain focused on profitable growth, innovations to meet consumer needs in a challenging environment, and improving our operations. We’re off to a good start, but there is still much work to be done.”
4. KHC’s Board of Directors approved an increase in the company’s quarterly dividend to $0.60 per share of common stock, an increase of approximately 4.3 percent versus the prior rate of $0.575 per share. This dividend is payable on October 7, 2016 to shareholders of record as of August 26, 2016.
5. KHC was up $3.65, or 4.27%, to $89.19 as of 4:24 p.m. EDT in after-hours trading shortly after its earnings report was released.
Here’s a graph that looks at Kraft Heinz’s latest earnings performance:
KRAFT HEINZ CO Price and EPS Surprise
The Kraft Heinz Company manufactures and markets food and beverage products in the United States, Canada, Europe, and rest of world. The company’s products include condiments and sauces, cheese and dairy products, meals, meats, refreshment beverages, coffee, snack nuts, dressings, packaged dinners, infant/nutrition products, and other grocery products.
Kraft Heinz shares have risen 17.55% year-to-date, more than doubling the performance of the benchmark S&P 500, which has gained 6.15% on the year.
This article brought to you courtesy of Zacks Research.