Kraft Heinz net income up 45.4% in Q3

The Kraft Heinz Company reported an increase in net income and decline in net sales for the third quarter of fiscal year 2019. The period ended on September 28.

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Keith Homan | Bigstock
Keith Homan | Bigstock

The Kraft Heinz Company reported an increase in net income and decline in net sales for the third quarter of fiscal year 2019. The period ended on September 28.

In a press release issued on October 31, Kraft Heinz reported that its net income attributable to common shareholders was up 45.4% year-over-year for the third quarter to $899 million. Its net sales declined 4.8% for the quarter at $6.08 billion.

Kraft Heinz, a diversified international food company, is the sixth largest turkey producer in the United States. In 2018, the company slaughtered 365 million pounds of live turkeys, processing meat for its Oscar Mayer and Lunchables brands.

The company reported that its pricing for the quarter involving United States operation increased 1.5 percentage points across several categories, including the Oscar Mayer and Lunchables brands.

“While our third-quarter results remain below our potential, we showed sequential improvement versus the first half, and I believe we are beginning to operate the business better,” Kraft Heinz CEO Miguel Patricio said while releasing the company’s financial results. "We are making good progress in identifying and addressing the root causes of past performance, as well as setting our strategic direction. Although there is still much work ahead, we’re encouraged by our improving performance, and are even more confident in our ability to turn around the Company and set a path of long term growth and profitability.”

Patricio became CEO of The Kraft Heinz Company on July 1, succeeding Bernardo Hees in that role.

Also factoring in the company’s financial results for the third quarter were a one-time gain on the sale of the Company's Canadian natural cheese business and higher input costs, the company stated in its press release.

Kraft Foods Group, Inc. and H.J. Heinz Company completed their merger to create the Kraft Heinz Company in 2015.

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