© Reuters. FILE PHOTO: Bottles of Heinz Tomato Ketchup, owned by the Kraft Heinz Company, are seen for sale in Queens, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly
(Reuters) -Kraft Heinz forecast annual profit below Wall Street estimates on Wednesday, signaling more pressure from higher costs and currency headwinds even as it raised product prices.
A stronger greenback typically eats into profits of companies such as Kraft Heinz (NASDAQ:) that have sprawling global operations and convert foreign currencies into dollars.
The company expects annual adjusted earnings of between $2.67 and $2.75 per share, below analysts’ average estimate of $2.77 per share in Refinitiv IBES data.
The Heinz ketchup maker’s net sales rose to $7.38 billion in the fourth quarter from $6.71 billion a year earlier. Analysts on average had expected sales of $7.27 billion.
It reported net income attributable to common shareholders of $890 million, or 72 cents per share, in the quarter ended Dec. 21, from a loss of $257 million, or 21 cents per share, a year earlier.
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