The Kraft Heinz Company, a diversified food company and the eighth largest turkey processor in the United States, reported a positive third quarter for the 2017 fiscal year with a 12.1 increase in net income.
The company in its latest quarter, which ended on October 2, reported a net income of $944 million, up from the $842 million recorded during the third quarter of fiscal year 2016. The company’s financial results were released on November 1.
Kraft Heinz also reported a 0.7 increase in net sales on a year-over-year basis, with net sales for the quarter at $6.31 billion.
“We continued to build top- and bottom-line momentum from operations during the third quarter, and expect to see the same in the fourth quarter,” Kraft Heinz CEO Bernardo Hees said in a press release. “There’s no question that the retail environment, particularly in the United States, will remain both dynamic and challenging. However, the investments we’ve been making in our brands, our innovation pipeline, our people and our capabilities make us well-positioned to continue delivering sustainable, profitable growth in both the near and long term.”
Kraft Heinz, which has turkey products sold under the Oscar Mayer and Lunchables labels, stated that growth in Lunchables sales in the U.S. partially offset losses of sales in other food categories.
In 2016, Kraft Heinz, according to the WATTAgNet Top Poultry Companies Database, slaughtered 267 million pounds of live turkeys, which is the same amount of turkeys the company slaughtered in 2015. The company has one slaughter plant and one processing plant.
Following the close of the third quarter, Kraft Heinz entered an agreement with Reich Brothers Holdings in which Reich Brothers would acquire the former Oscar Mayer facility in Madison, Wisconsin. The revenue gained from that transaction is expected to be reflected in upcoming quarterly financial results.
