Kraft Heinz Co (NASDAQ:KHC, ETR:KHNZ) shares slipped after the packaged foods company posted a revenue miss for the fourth quarter, as higher prices saw cost-conscious shoppers turn to other brands.
The company, whose brands include Kraft Macaroni and Cheese, Heinz Tomato Ketchup, Philadelphia Cream Cheese and Jell-O, said revenue was down 4.1% year-over-year at $6.58 billion, below Street estimates of $6.66 billion.
Earnings per share of $0.84, however, topped estimates of $0.78.
Looking to 2025, Kraft Heinz guided revenue to be flat to down 2.5% compared to the prior year, compared to expectations of a 0.8% decline.
It expects adjusted EPS in the range of $2.63 to $2.74, below the consensus of $3.02.
“Although 2024 was a challenging year with our top line results coming in below our expectations, we remained disciplined in protecting profitability while driving industry-leading margins, generating strong cash flow, and returning $2.7 billion in capital to stockholders,” Kraft Heinz CEO Carlos Abrams-Rivera said in a statement.
“While we have much more work to do, I am confident in our strategy, our people, and our unique ownership-centric culture to drive consistent long-term profitable growth.”
Shares of Kraft Heinz traded 3.7% lower at about $28 in the early afternoon on Wednesday.