Kraft Heinz reported a 254.1 percent increase in net operating income for the third quarter of fiscal year 2016. The company, on November 3, reported a net operating income of $1.413 billion for the period ending September 27.
“Overall, our third quarter results are a good representation of where we are as a company,” said Kraft Heinz CEO Bernardo Hees. “While our financial performance is respectable, we continue to have the opportunity to improve our offerings and retail execution in several key markets and take our brands to places they don’t currently compete. Our focus now is to finish 2016 strong and set the stage for another year of strong, profitable growth in 2017.”
The year-over-year improvement figures were done on a pro-forma basis, as during the third quarter of fiscal year 2015, Kraft Foods and H.J. Heinz Company were still operating as two different companies. The merger was finalized on July 2.
The fourth quarter of the year will be the first quarter Kraft Heinz will be able to compare its results to those of the same quarter of the previous fiscal year with both periods reflecting results of one company.
Kraft Heinz is the parent company of meat and poultry company Oscar Mayer. It is also among the top 10 turkey companies in the United States. According to the WATT PoultryUSA Top Poultry Companies survey, Kraft Heinz and Virginia Poultry Growers Cooperative are in a tie for 7th place among the nation’s largest turkey producers. Both companies slaughtered an estimated 267 million pounds of live turkeys in 2015.