Investing.com – 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 Investing.com 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.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.