Kraft Heinz (NASDAQ:KHC) earnings for the food company’s fourth quarter of 2019 have KHC stock taking a beating on Thursday. This is despite its adjusted earnings per share (EPS) of 72 cents coming in above Wall Street’s estimate of 68 cents. The problem stems from revenue of $6.54 billion, which is below analysts’ estimates of $6.6 billion.
Now, let’s take a closer look at the most recent Kraft Heinz earnings report.
- Adjusted EPS for the quarter is down 14.29% from 84 cents in the fourth quarter of 2018.
- Revenue is 5.08% lower than the $6.89 billion reported in the same period of the year prior.
- Operating income of $594 million is a positive change from operating loss of -$14.14 billion in Q4 2018.
- The Kraft Heinz earnings report also includes a net income of $182 million.
- That’s a switch from the company’s net loss of -$12.57 billion during the same time last year.
Miguel Patricio, Chief Executive Officer of Kraft Heinz, has this to say about the KHC stock earnings report:
“While our 2019 results were disappointing, we closed the year with performance consistent with our expectations, and driven by factors we anticipated. We have taken critical actions over the past six months to re-establish visibility and control over the business.”
The Kraft Heinz earnings report doesn’t include an outlook for 2020. Nevertheless, we know what to expect. Wall Street is looking for adjusted per-share earnings of $2.54 on revenue of $24.77 billion during the year.
KHC stock ended the day down about 7.6%.
As of this writing, William White did not hold a position in any of the aforementioned securities.