Kraft Heinz posts Q3 EPS at $0.49, down 33% YoY

Thursday, 29. October 2020 12:07

The Kraft Heinz Company announced on Thursday its third-quarter diluted earnings per share (EPS) at $0.49, 33.8% lower compared to the same period last year. Net sales were up 6% on a yearly basis to $6.4 billion. Net income dropped 33.7% and was reported at $597 million.

"We are building momentum, and we are confidently optimistic about our near-term performance. We are heading into 2021 with our new operating model fully implemented, our platform strategy coming to life in the marketplace, and our growth investments ramping up," said Kraft Heinz CEO Miguel Patricio. He added that the company is "in a strong position to both accelerate and exceed" its strategic plan.

Kraft Heinz shares jumped 3.15% in premarket trade following the report.

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Breaking the News / DJ