Kraft Heinz Beats Revenue, Profit Estimates
Kraft Heinz Co thumped first-quarter revenue and profit estimates on Thursday as a year-long surge in demand for salty snacks and packaged meals held up even as the U.S. economy began to reopen following COVID-19 vaccine rollouts.
The company's international markets including UK, Australia and Latin America, which account for a fifth of its sales, saw a surge in demand as stuck-at-home consumers bought more condiments and sauces and boxed dinners.
Net Sales Increase
Net sales rose to $6.39 billion in the three months ended 27 March, from $6.16 billion a year earlier. Analysts had expected sales of $6.24 billion, according to IBES Refinitiv.
Net income attributable to the company rose to $568 million, or 46 cents per share, from $381 million, or 31 cents per share, a year earlier.
Excluding items, Kraft earned 72 cents per share, beating analysts' average estimate of 59 cents.