(Reuters) – Kraft Heinz Co beat Wall Street estimates for quarterly sales on Wednesday as the packaged food maker benefited from higher product prices and sustained demand for its packaged meals and condiments.
Packaged food makers have been bumping up prices of their products to contend with surging costs of everything from shipping and labor to raw materials such as wheat, meat and edible oils.
Kraft reported a net loss attributable to common shareholders of $257 million, or 21 cents per share, driven by non-cash impairment losses of $1.3 billion. It reported a net income of $1.03 billion, or 84 cents per share, a year earlier.
Net sales fell to $6.71 billion in the fourth quarter ended Dec. 25, from $6.94 billion a year earlier, owing to an impact from acquisitions and divestitures.
Analysts on average had expected sales of $6.61 billion, according to Refinitiv IBES.
(Reporting by Deborah Sophia and Mehr Bedi in Bengaluru; Editing by Ramakrishnan M.)
