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Kraft Heinz sees stronger earnings for the year thanks to higher prices

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Kraft Heinz raised its full-year core profit forecast, as the Jell-O maker benefits from increased pricing and sustained demand for its packaged food.

, has been raising product prices in recent months to offset heightened inflation caused by raw material and labor shortages due to the pandemic.

It has further benefited from steady at-home dining trends that emerged during the pandemic despite the reopening of dine-in restaurants and bars. The ketchup maker said it expects full-year adjusted earnings before interest, taxes, depreciation, and amortization to be over $6.2 billion, above its previous estimate of at least $6.1 billion.

Net sales in the third quarter fell to $6.32 billion for the Jell-O maker from $6.44 billion a year earlier. Analysts on average had expected sales of $6.05 billion, according to Refinitiv IBES. Excluding items, the packaged foods maker earned 65 cents per share, beating analysts' average estimate of 58 cents.

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 /  🏆 12. in PT
 

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Inflation! I normally get wheat “ritz style” store brand HEB crackers for 2 boxes for 4$ now it’s 2 boxes for 5$. But I get higher wages, give me the wages. Wall Street is still record high.

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