Kraft Heinz (KHC) Stock Declines in After-Hours Trading on Earnings Miss
NEW YORK (TheStreet) -- Kraft Heinz Co. (KHC) - Get Report stock is down 2.77% to $73.33 in after-hours trading on Thursday, after the company reported lower than expected financial results for the 2015 third quarter.
The food company reported earnings of 44 cents per share for the quarter, missing estimates of 62 cents per share.
Revenue declined 9% year-over-year to $6.36 billion for the quarter ended September 27, falling short of estimates of $6.7 billion due to a negative impact from foreign exchange rates.
"Our third quarter results reflect continued progress as we integrate these two great companies while driving greater accountability, discipline and efficiency," CEO Bernardo Hees said in a statement.
U.S. sales fell 3.7% to $4.54 billion as volumes declined 3.9% due to fewer shipments of beverages and boxed dinners as well as a decline in foodservice shipments.
Additionally, the Kraft Heinz board approved a 4.5% increase in the company's quarterly dividend to 57.5 cents per share from 55 cents per share.
data by
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.