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Kraft Heinz raises core profit forecast helped by higher prices -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: On a New York grocery store shelf, a Heinz Ketchup can is between Kraft macaroni and Kraft cheese as well as a Kraft Original Barbecue Soup. REUTERS/Brendan McDermid/File Photo

(Reuters) -Kraftheinz Co increased its core profit for the full year on Wednesday as it benefited from higher pricing and continued demand for Jell-O even though COVID-19 restrictions have eased.

Kraft is like its peer companies Campbell Soup (NYSE) Co, Conagra Brands(NYSE:) Inc, and Unilever (NYSE) PLC) have been increasing product prices over the past few months in an effort to compensate for increased inflation due to labor and raw material shortages resulting from the pandemic.

It also has benefited from the steady, at-home eating trends that developed during the pandemic, despite the opening of new dine in restaurants and bars.

It stated that it expected full-year adjusted earnings prior to interest, taxes depreciation and amortization (EBITDA), to exceed its $6.1 billion estimate.

From $6.44billion last year, the Jell O maker’s third-quarter net sales dropped to $6.32billion. Based on Refinitiv International Business Economics, analysts expected to see sales of $6.05 Billion.

The earnings of the package foods manufacturer were 65 cents per sen, compared to analysts’ average estimate (58 cents).

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