Kraft Beats 2Q Profit Forecasts

PITTSBURGH (AP) — Kraft Heinz Co. (KHC) on Thursday reported second-quarter net income of $770 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Pittsburgh-based company said it had profit of 63 cents. Earnings, adjusted for restructuring costs and asset impairment costs, came to 85 cents per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.

The maker of Oscar Mayer meats, Jell-O pudding and Velveeta cheese posted revenue of $6.79 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $6.82 billion.

Kraft shares have climbed 18 percent since the beginning of the year.