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Kraft Heinz Q2 EPS falls 21% YOY; Keurig Dr Pepper Q2 EPS beats estimates


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Kraft Heinz Q2 EPS falls 21% YOY; Keurig Dr Pepper Q2 EPS beats estimates


* The Kraft Heinz Co. reported adjusted EPS of 78 cents for the second quarter, down 21.2% from 99 cents in the year-ago period but ahead of the S&P Global Market Intelligence mean consensus estimate of 75 cents. For the six months ended June 29, net sales fell 4.8% year over year to $12.37 billion and adjusted EPS dropped 23.8% to $1.44. "The level of decline we experienced in the first half of this year is nothing we should find acceptable moving forward," said Kraft Heinz CEO Miguel Patricio.

* Beverage-maker Keurig Dr Pepper Inc. reaffirmed its 2019 guidance as it reported second-quarter adjusted diluted EPS slightly above analysts' estimates. For the quarter ended June 30, the company's diluted EPS increased 15% year over year to 30 cents, beating the S&P Global Market Intelligence mean consensus estimate for normalized EPS of 29 cents.


* Costco Wholesale Corp.'s net sales increased 7.9% year over year to $11.43 billion from $10.59 billion.

* Canadian convenience store operator Alimentation Couche-Tard Inc. closed its announced investment of about C$26 million in cannabis retailer Fire & Flower Holdings Corp.

* Metro AG shareholders Meridian Stiftung and Beisheim Holding, which together own nearly 21% of the supermarket operator, have not tendered their shares to Daniel Kretinsky's EP Global Commerce VI GmbH, Reuters reported, citing a spokesman for the two investors. EP Global has refused to adjust its €5.8 billion takeover bid for Metro despite the offer being snubbed by shareholders.


* Monster Beverage Corp. shares dropped more than 7% in late trading Aug. 7 after the energy drink company reported second-quarter earnings that were below Street expectations. The energy-drink maker reported diluted EPS for the quarter ended June 30 of 53 cents, an 11.9% increase from 48 cents in the year-ago period but below the Market Intelligence mean consensus estimate for GAAP EPS of 56 cents.

* Distiller Diageo PLC acquired a "significant" majority stake in nonalcoholic-beverage producer Seedlip Ltd.

* Beverage manufacturer Cott Corp. said its board declared a dividend of 6 cents per common share, payable in cash on Sept. 4.

* Iced-tea maker Arizona Beverage Co. LLC inked a licensing deal with cannabis company Dixie Brands Inc. Under the deal, Arizona, through its affiliate Herbal Enterprises LLC, will direct brand and product conceptual design, while Dixie will manufacture the products and sell them. The agreement also gives Arizona the right to buy an ownership stake of up to $10 million in Dixie.

* Coca-Cola HBC AG reiterated its full-year guidance as it posted a drop of 10% in net income to €195.1 million in the first half of 2019, compared to €216.9 million in the year-ago period. The Coca-Cola Co. bottler's basic EPS came in at 61.2 cents, up 1.5% from 60.3 cents.

* Danish brewer Carlsberg A/S boosted its 2019 outlook and now expects high single-digit percentage growth in organic operating profit, versus its previous guidance of mid-single-digit percentage growth, citing strong financial performance in the first half of the year.


* The U.S. Food and Drug Administration is investigating 127 reports of people having seizures following the use of e-cigarettes, the regulator said in a statement. The FDA originally warned of such cases in April, when it identified 35 e-cigarette users who had suffered from seizures.


* The Australian Competition and Consumer Commission said it has preliminary concerns regarding Saputo Inc.'s proposed acquisition of Lion Pty. Ltd.'s cheese business and factories in Tasmania, adding that the deal could lead to dairy farmers in the state being paid less for their raw milk.

* Wind Point Partners sold pork rinds manufacturer Evans Food Group Ltd. to Dallas-based middle-market private investment firm Highlander Partners LP for an undisclosed sum.

* Packaged food company Hostess Brands Inc. posted second-quarter adjusted EPS of 17 cents, up year over year from 14 cents and ahead of the Market Intelligence mean consensus estimate for normalized EPS of 15 cents.

* Starbucks Corp. and Nestlé SA are expanding their licensing partnership with the launch of 21 Starbucks-branded products, including capsules and instant coffee, in China.

* Irish packaged foods and meats producer Kerry Group PLC revised its full-year outlook and now expects EPS growth to be between 7% and 9% on a constant currency basis, versus the previous forecast of between 6% and 10%. For the first half of 2019, the company posted adjusted EPS of €1.64, up from €1.44 in the year-ago period.


* Wendy's Co. reaffirmed its full-year outlook as it posted second-quarter adjusted EPS of 18 cents, up year over year from 14 cents and ahead of the Market Intelligence mean consensus estimate for normalized EPS of 17 cents.

* Restaurant chain operator Arcos Dorados Holdings Inc. posted second-quarter EPS of 5 cents, up from 1 cent in the year-ago period.

* Privately held Subway Restaurants said it partnered with Beyond Meat Inc. to launch plant-based meatball sandwiches, beginning September. The product will be available for a limited time in 685 participating locations in Canada and the U.S.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, Hang Seng rose 0.48% to 26,120.77, while the Nikkei 225 was up 0.37% to 20,593.35.

In Europe, around midday, the FTSE 100 rose 0.17% to 7,211.10, and the Euronext 100 gained 1.19% to 1,041.22.

On the macro front

The jobless claims report, the Wholesale trade report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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