Kraft Heinz stock (NASDAQ:KHC) is down close to 8% after the bell as the company reported its latest quarterly earnings results late in the day Thursday, which came in below what analysts were calling for in their consensus estimate.
The Chicago, Illinois-based food company said that for its third quarter of fiscal 2018, it brought in earnings of $630 million, or 51 cents per share. The period was a decline compared to the $944 million, or 77 cents per share it raked in during the year-ago quarter.
On an adjusted basis, Kraft Heinz said that it would have earned 78 cents per share, which is below the 81 cents per share that analysts who were surveyed by FactSet were calling for. Revenue was up year-over-year to $6.37 billion as the company’s sales were $6.28 billion during its third quarter of fiscal 2017.
Analysts were calling for the company to bring in revenue of $6.31 billion, according to data compiled by FactSet in their consensus estimate.
KHC stock was gaining about 2.2% during regular trading hours on Thursday as the company readied itself to reveal how it did on its latest quarter. Shares then plummeted more than 7.9% after the bell by the end of the day as the company’s quarterly earnings results were below what analysts were calling for in their consensus estimate, while revenue was ahead of the mark.
