NEW YORK (TheStreet) -- Kraft Heinz (KHC) - Get Kraft Heinz Company Report stock is gaining by 4.88% to $83.88 in after-hours trading on Wednesday, after the company reported financial results that exceeded expectations for the 2016 first quarter.
The Pittsburgh-based food company reported earnings of 73 cents per share on revenue of $6.57 billion for the three months ended April 3.
Analysts surveyed by Thomson Reuters were expecting earnings of 62 cents per share on revenue of $6.47 billion for the latest quarter.
Revenue was down by 3.8% year over year because of unfavorable currency exchange rates, but organic revenue increased 1.1%. U.S. revenue increased 0.2%, while Canadian revenue rose 1.5% on a constant currency basis. European organic revenue fell 3.7%.
"We've had a solid start to the year. Our savings are coming in faster than anticipated and we're performing better where it matters most, with our customers and consumers in the marketplace," CEO Bernardo Hees said in a statement.
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