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Kraft Heinz Intermediate Corp. II Q4 profit falls 34.9% YOY

Kraft Heinz Intermediate Corp. II said its normalized net income for the fourth quarter amounted to 78 cents per share, compared with the S&P Capital IQ consensus estimate of 87 cents per share.

EPS declined 34.9% year over year from $1.20.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $955.6 million, a decline of 34.9% from $1.47 billion in the fourth quarter ended Jan. 3, 2016.

The normalized profit margin fell to 14.2% from 20.6% in the year-earlier period.

Total revenue declined on an annual basis to $6.86 billion from $7.12 billion, and total operating expenses grew 8.4% on an annual basis to $5.05 billion from $4.66 billion.

Reported net income rose year over year to $931.8 million, or 76 cents per share, from $283.5 million, or 23 cents per share.

For the year, the company's normalized net income totaled $3.12 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.31.

EPS rose 24.8% from $2.50 in the prior year.

Normalized net income was $3.83 billion, a rise of 94.7% from $1.97 billion in the prior year.

Full-year total revenue rose 44.4% year over year to $26.49 billion from $18.34 billion, and total operating expenses increased 37.2% on an annual basis to $19.25 billion from $14.03 billion.

The company said reported net income came to $3.45 billion, or $2.81 per share, in the full year, compared with a loss of $267.2 million, or a loss of 34 cents per share, the prior year.