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Kraft Heinz Intermediate Corp. II fiscal Q1 profit falls YOY

Kraft Heinz Intermediate Corp. II said its normalized net income for the fiscal first quarter ended March 29 was 25 cents per share, a decrease of 5.2% from 27 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $228.9 million, a decline of 4.9% from $240.8 million in the year-earlier period.

The normalized profit margin rose to 9.7% from 8.6% in the year-earlier period.

Total revenue declined 11.5% on an annual basis to $2.48 billion from $2.80 billion, and total operating expenses fell 12.6% from the prior-year period to $1.95 billion from $2.23 billion.

Reported net income grew year over year to $98.9 million, or 11 cents per share, from $17.9 million, or 2 cents per share.