On August 5, Kraft Heinz (NASDAQ: KHC) reported net income in the second quarter of $297 million (24 cents per share), compared with $994 million (81 cents per share) a year earlier.
Adjusted earnings were 56 cents per share. Revenue for the reporting period declined 1.4% to $6.26 billion, with organic sales down 1.3%. According to preliminary forecasts, adjusted earnings were expected to come in at 53 cents per share, on revenue of $6.12 billion, with organic sales declining 3.6%.
The company expects full-year organic sales to decline 0.5–2.0%, whereas it previously forecast a decline of 1.5–3.5%. In addition, the company updated its full-year adjusted EPS outlook, setting a range of $2.03–$2.09 versus the prior $1.98–$2.10.