Kraft Heinz Co (NASDAQ:KHC) shares moved higher in early trade as the company’s third-quarter earnings beat forecasts and it raised its full-year profit outlook while projecting lower sales on the lower end of its guidance range.
For 3Q, the food and beverage company reported adjusted earnings per share (EPS) of $0.72, a 14.3% increase over the year-ago quarter and ahead of estimates of $0.66.
Net sales of $6.57 billion, however, fell short of estimates of $6.7 billion as higher prices impacted volumes.
Kraft Heinz narrowed its full-year sales outlook, stating it expects growth over the previous year to be at the low end of its guidance range of 4% to 6% growth.
But it now expects its adjusted EPS to be in the range of $2.91 to $2.99, up from its previous guidance range of $2.83 to $2.91.
It also raised its earnings before interest, taxes, depreciation and amortization (EBITDA) expectations to between 5% to 7% growth over the previous year, compared to its previous expectation of 4% to 6% growth.
Kraft Heinz shares traded up 3% at US$32.40 on Wednesday morning.
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