Why Food Company Kraft Heinz's Shares Are Shooting Higher Today
Portfolio Pulse from Shivani Kumaresan
Kraft Heinz Company (NASDAQ:KHC) shares are trading higher after it reported mixed third-quarter FY23 results and raised its full-year EPS outlook. The company reported a 1% YoY sales growth to $6.57 billion, missing the analyst consensus estimate of $6.715 billion. However, gross profit increased by 21.2% YoY to $2.24 billion, and adjusted EPS of $0.72 beat the consensus estimate of $0.66. The company also declared a regular quarterly dividend of $0.40 per share. Kraft Heinz expects FY23 adjusted EPS of $2.91 - $2.99, higher than the consensus of $2.73.
November 01, 2023 | 3:07 pm
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Kraft Heinz's Q3 FY23 results and raised full-year EPS outlook have led to a rise in its share price. Despite missing sales estimates, the company reported an increase in gross profit and beat EPS estimates. The company also declared a quarterly dividend.
Kraft Heinz's shares are trading higher due to the company's positive Q3 FY23 results and raised full-year EPS outlook. Despite missing sales estimates, the company reported an increase in gross profit and beat EPS estimates, which are positive indicators for the company's financial health and profitability. The declaration of a quarterly dividend also adds to the attractiveness of the stock for investors, potentially leading to increased demand and a higher share price.
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