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Kraft Heinz fiscal Q1 profit falls YOY

Kraft Heinz Co. said its normalized net income for the fiscal first quarter ended March 29 amounted to 25 cents per share, a decline 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 decrease 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 decreased 11.5% on an annual basis to $2.48 billion from $2.80 billion, and total operating expenses declined 12.6% year over year to $1.95 billion from $2.23 billion.

Reported net income increased 451.8% on an annual basis to $98.9 million, or 11 cents per share, from $17.9 million, or 2 cents per share.