Kraft Heinz raised its full-year core profit forecast, as the Jell-O maker benefits from increased pricing and sustained demand for its packaged food.
, has been raising product prices in recent months to offset heightened inflation caused by raw material and labor shortages due to the pandemic.
It has further benefited from steady at-home dining trends that emerged during the pandemic despite the reopening of dine-in restaurants and bars. The ketchup maker said it expects full-year adjusted earnings before interest, taxes, depreciation, and amortization to be over $6.2 billion, above its previous estimate of at least $6.1 billion.
Net sales in the third quarter fell to $6.32 billion for the Jell-O maker from $6.44 billion a year earlier. Analysts on average had expected sales of $6.05 billion, according to Refinitiv IBES. Excluding items, the packaged foods maker earned 65 cents per share, beating analysts' average estimate of 58 cents.
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