NEW YORK (TheStreet) -- The Kraft Heinz Co. (KHC) - Get Report stock is rising 3.07% to $77.26 in after-hours trading on Thursday after the food company reported better than expected financial results for the 2015 fourth quarter.

The Pittsburgh-based company reported earnings of 62 cents per share for the quarter ended January 3, beating estimates by 3 cents per share.

Revenue declined 5% year-over-year to $7.12 billion for the latest quarter, but surpassed estimates of $7.02 billion.

Organic net sales dropped 3.1% to $7.1 billion for the company which was formed in July 2015 when Kraft Foods Group merged with H.J. Heinz Co.

"We are working to implement proven management methodologies, remove inefficient spending and streamline our organization, while investing in our brands and innovation to drive long-term profitable growth," CEO Bernardo Hees said in a statement.

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