Kraft Heinz Co. KHC, +0.26% stock rose 1.6% in Wednesday premarket trading after the food company reported fourth-quarter profit and sales that beat expectations. Net losses totaled $257.0 million, or 21 cents per share, after net income of $1.03 billion, or 84 cents per share, last year. Kraft largely attributed the loss to the divestiture of its cheese business, which drove a $1.3 billion non-cash impairment loss. Adjusted EPS of 79 cents beat the FactSet consensus for 63 cents. Sales of $6.709 billion were down from $6.939 billion last year, and ahead of the FactSet consensus for $6.603 billion. For 2022, Kraft is guiding for a low-single digit percent increase in organic sales. The FactSet consensus is for sales of $24.569 billion, implying about a 5% decline. Kraft stock is down about 2% for the last year while the S&P 500 index SPX, +1.58% has gained 13.7% for the period.
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