The Kraft Heinz Co KHC shares are trading higher Wednesday after the company reported better-than-expected financial results and reaffirmed guidance.
Kraft Heinz said third-quarter revenue increased 2.9% year-over-year to $6.5 billion, which beat average analyst estimates of $6.27 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of 63 cents per share, which beat average estimates of 57 cents per share.
"We delivered another quarter of strong results as we continue to successfully navigate a volatile environment. We are driving net sales growth across both North America and International segments, fueled by each of our three pillars of growth: our GROW platforms in North America, Foodservice, and Emerging Markets," said Miguel Patricio, chair and CEO of Kraft Heinz.
Kraft Heinz reaffirmed 2022 organic net sales growth in the high-single-digit percentage range versus the prior year. Full-year EBITDA is expected to be between $5.9 billion and $6 billion.
Kraft Heinz said it expects full-year EBITDA to come in at the lower end of the provided range due to uncertainty with regard to the potential impact of continued upstream supply chain challenges faced by the industry.
KHC Price Action: Kraft Heinz has a 52-week high of $44.87 and a 52-week low of $32.73.
The stock was up 2.48% at $37.98 at time of publication.
Photo: Mike Mozart from Flickr.
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