delivered a profit outlook below expectations, even after higher prices continued to bolster the food and beverage manufacturer.
The company (ticker: KHC) delivered adjusted profits of 85 cents per share for the fourth quarter on Wednesday. That’s ahead of the consensus expectation of analysts tracked by
which was for 78 cents per share. Revenue of $7.38 billion also beat the expectation of $7.26 billion, driven by price increases.
During the quarter that ended December, the value of products rose 15.2 percentage points versus the prior year period,
said, to reflect an increase in product costs.
The stock wavered as it opened the day. Following a rise, it was down 2% in premarket trading to $39.06.
The company said it expects adjusted earnings of between $2.67 and $2.75 per share for 2023. The midpoint of the estimate—$2.71—is lower than the $2.77 analysts’ estimated.
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