Kraft Heinz Returns to Profit

Kraft Heinz Canada office in North York, Toronto, Oct. 2020.
Kraft Heinz Canada office in North York, Toronto, Oct. 2020.
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PITTSBURGH (AP)  Kraft Heinz Co. on Wednesday reported second-quarter net income of $265 million after reporting a loss in the same period a year earlier.

On a per-share basis, the Pittsburgh-based company said it had net income of $0.21. Earnings, adjusted for asset impairment costs and non-recurring costs, were $0.70 per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $0.67 per share.

The maker of Oscar Mayer meats, Jell-O pudding and Velveeta cheese posted revenue of $6.55 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $6.39 billion.

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