By Dhirendra Tripathi

Investing.com – Kraft Heinz stock (NASDAQ:) jumped 6% Wednesday after the company beat revenue and profit estimates, boosted by higher product prices.

Kraft has been able pass rising labor costs and raw materials on to their customers by selling snacks and ketchups. Kraft increased product prices year-over-year by 3.8 percent in the quarter that ended December 25. The company reported that volumes were mostly stable with an increase in the foodservice industry offset by shortages and hard 2020 comparisons.

Kraft anticipates that 2022 organic sales will grow at a lower-single-digit rate than the 1.8% increase in 2021. At the middle of the guidance range, adjusted earnings are at $5.9billion at the base operational level.

Due to the impact of acquisitions and divestitures, net sales decreased 3.3% to $6.7 Billion.

In the third quarter of 2018, it suffered a net loss in excess of $257million, mostly due to its non-cash impairment losses. The company did make a profit but on an adjusted basis. It came in at 79cs per share to surpass estimates.