Investing.com - Kraft Heinz Co (NASDAQ:KHC) reported higher-than-expected profit on Thursday, as a decrease in costs helped boost top-line growth.
Kraft Heinz, maker of household brands like Jell-O and Heinz ketchup, overcame a difficult period of falling demand as consumers opt for healthier foods over packaged foods.
Despite a 3.8% drop in sales to $6.86 billion, Kraft Heinz's fourth-quarter results topped analysts’ estimates of $6.74 billion.
In the U.S., Kraft Heinz's most important market which makes up a large bulk of its sales (roughly 70%), fell 3.1%, as a stronger dollar and weaker demand weighed on sales growth.
In Europe, sales fell the most, with revenue down 13.3% year-on-year to $600 million.
Kraft Heinz shares closed down more than 4% at $87.28, but reversed losses in after-hours trade.