Kraft Surges Midday After Earnings Impress

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© Reuters. © Reuters. – Food company Kraft Heinz (NASDAQ:) jumped in midday trade on Thursday as its sales and earnings beat estimates.

The company announced a $1.2 billion impairment charge in August and cut hundreds of jobs as it struggled to get back on track.

“We are making good progress in identifying and addressing the root causes of past performance, as well as setting our direction,” said Chief Executive Miguel Patricio in a statement.

Kraft reported net income of $899 million or $0.74 per share, while adjusted EPS was $0.69, compared to estimates of $0.54 EPS. Revenue was below forecasts, at $6.08 billion versus $6.13 billion projected.

Shares of the company jumped 11.2% in midday trade.

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