Kraft Heinz Co said on Thursday that it was spending more on marketing for key b...
Newly appointed Chief Executive Miguel Patricio, who will outline a detailed plan after a strategic review of the business in 2020, said Kraft Heinz would now direct more ad dollars disproportionately in favor of its flagship brands. The company, whose major brands include Heinz ketchup and Velveeta cheese, also said it plans to cut the number of project launches in 2020 to half.
Shares of Chicago-based Kraft Heinz were up 10.7% at $31.58 in early trading. Earnings excluding items fell 9.2% to 69 cents per share but beat the 54 cents expected by analysts, according to IBES data from Refinitiv. Net sales fell nearly 5% to $6.08 billion, missing analysts’ estimates of $6.13 billion. The company said it expects fourth-quarter sales and EBITDA to be “generally similar” to those of the third quarter. Fourth quarter earnings are expected to take a hit of up to 10 cents.
The beat comes after a rough year for Kraft Heinz, which slashed dividends and scrapped its full-year forecast after taking two major writedowns - one in February of $15.4 billion and another in August of $1.22 billion. The company’s procurement practices are also under investigation by the U.S. Securities and Exchange Commission.
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