Bottles of Kraft Heinz Co. tomato ketchup and other condiments sit on shelves inside a Metro AG wholesale goods store in Düsseldorf, Germany, on Thursday, Oct. 1, 2020.
Sarah Pabst/Bloomberg
Kraft Heinz stock is slipping after the maker of Heinz Ketchup reported earnings that topped analyst forecasts.
Kraft Heinz reported an adjusted profit of 78 cents a share, beating forecasts for 72 cents a share, on sales of $6.6 billion, topping expectations for $6.55 billion.
Shares of Kraft Heinz were down 1% at $38.55 in premarket trading
“Our second quarter results serve as a strong indicator that our Kraft Heinz team will not only deliver a stronger 2021 than we initially anticipated, but will come out of the global pandemic much stronger than we entered,” said Kraft Heinz CEO Miguel Patricio. “And while industry challenges, like cost inflation, certainly remain, the investments we are making in our people, brands, and capabilities are enabling us to leverage our tremendous scale through greater agility and build our advantage in the markets we serve around the world.”
Shares of Kraft Heinz have risen 12% this year through Tuesday’s close, while the S&P 500 has climbed 18% and the Dow Jones Industrial Average has risen 15%.
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