=Kraft Heinz (KHC) reported earnings on Thur 1 Nov 2018 (a/h)

Kraft Heinz misses by $0.03, beats on revs

Reports Q3 (Sep) earnings of $0.78 per share, excluding non-recurring items, $0.03 worse than the S&P Capital IQ Consensus of $0.81; revenues rose 1.6% year/year to $6.38 bln vs the $6.31 bln S&P Capital IQ Consensus.

• Organic Net Sales increased 2.6 percent versus the year-ago period. Pricing was down 0.9 percentage points, driven by increased promotional support and key commodity-related pricing actions in the United States that more than offset increased pricing in Rest of World markets, primarily from highly inflationary environments. Volume/mix increased 3.5 percentage points, with growth in every segment and led by consumption growth in a majority of categories in the United States.

"We believe that our Q3 results are strong evidence that our commercial investments are working, with solid top line performance in the quarter," said Kraft Heinz CEO Bernardo Hees. "This reflects our strong pipeline of marketing, new product and whitespace initiatives now in the marketplace, backed by investments in capabilities we have been making for brand and category advantage. While a number of one-off factors - as well as our desire to insure customer service - held back profit in the quarter, we remain confident that we are well-positioned to deliver sustainable, profitable growth going forward."