Investing.com -- Kraft Heinz Co reported third-quarter earnings that largely met analyst expectations while narrowing its full-year outlook. The food giant's stock edged down 1.3% following the announcement.
The company posted adjusted earnings per share of $0.75, slightly above the $0.74 analyst estimate. Revenue came in at $6.4 billion, just shy of the $6.43 billion consensus forecast and down 2.8% YoY. Organic net sales decreased 2.2% compared to the same period last year.
Kraft Heinz (NASDAQ:KHC) narrowed its full-year 2024 guidance, now expecting organic net sales and adjusted operating income growth to be at the low end of previously provided ranges. The company forecasts adjusted EPS growth at the low end of its prior 1-3% range, implying $3.01-$3.07 per share.
CEO Carlos Abrams-Rivera noted continued momentum in the Global Away From Home and Emerging Markets segments, but acknowledged a slower recovery in U.S. Retail. "While a recovery is taking longer than originally anticipated, we are not losing sight of our long-term strategy," he stated.
The company reported a net loss of $290 million for the quarter, largely due to non-cash impairment charges of $1.4 billion related to its Lunchables brand and Continental Europe operations.
Year-to-date, Kraft Heinz has returned $2 billion to shareholders through dividends and share repurchases. The company maintains $2.4 billion in remaining share repurchase authorization.