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Kraft Heinz profit misses consensus by 63.9% in fiscal Q3

Kraft Heinz Co. said its normalized net income for the fiscal third quarter ended Sept. 27 amounted to 23 cents per share, compared with the S&P Capital IQ consensus estimate of 63 cents per share.

EPS decreased 61.2% year over year from 58 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $258.3 million, a gain of 17.5% from $219.9 million in the year-earlier period.

The normalized profit margin fell to 6.8% from 8.5% in the year-earlier period.

Total revenue increased 135.9% year over year to $6.12 billion from $2.59 billion, and total operating expenses rose 156.3% from the prior-year period to $5.24 billion from $2.04 billion.

Reported net income came to a loss of $308.3 million, or a loss of 27 cents per share, compared with a loss of $7.5 million, or a loss of 2 cents per share, in the year-earlier period.