Kraft Heinz Co beat market estimates for quarterly net sales on Wednesday as demand for snacks and packaged meals remained strong even as Americans started venturing out following the easing of coronavirus restrictions.
Packaged food companies have been among the major beneficiaries of the pandemic-induced curbs that forced people to cook more at home.
As the U.S. economy revives, with a large number of people getting inoculated and as pandemic restrictions ease, food manufacturers are keenly observing consumer preference for home dining.
Net sales fell to $6.62 billion in the second quarter from $6.65 billion a year earlier when people stockpiled essentials. Analysts were expecting net sales of $6.55 billion, according to IBES data from Refinitiv.
Kraft reported a net loss of $25 million, or 2 cents per share in the reported quarter, compared to a loss of $1.65 billion, or $1.35 per share, a year earlier. It incurred goodwill impairment losses of about $1.8 billion last year.
(Reporting by Mehr Bedi and Praveen Paramasivam in Bengaluru; editing by Vinay Dwivedi) ((Praveen.Paramasivam@thomsonreuters.com; Mehr.Bedi@thomsonreuters.com))