Kraft Heinz Q3 Results: Earnings Beat, Revenue Dips, Sees 'Elongated Recovery' Across US Retail Business

The Kraft Heinz Company (NASDAQ:KHC) shares are trading lower on Wednesday.

The company reported adjusted earnings per share of 75 cents, beating the analyst consensus estimate of 74 cents. Quarterly revenues of $6.383 billion (down 2.8%) missed the street view of $6.417 billion.

The adjusted gross profit margin rose by 30 basis points to 34.3%.

“In the third quarter, our top-line performance across two of our strategic pillars, Global Away From Home and Emerging Markets, grew in line with our expectations,” said Kraft Heinz CEO Carlos Abrams-Rivera.

Operating income fell by 115.5%, primarily due to non-cash impairment losses of $1.4 billion, while adjusted operating income increased by 1.4%.

“As we look forward, ...