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Kraft Heinz Intermediate Corp. II profit misses consensus by 68.8% in fiscal Q2

Kraft Heinz Intermediate Corp. II said its normalized net income for the fiscal second quarter ended June 28 came to 26 cents per share, compared with the S&P Capital IQ consensus estimate of 84 cents per share.

EPS declined 52.8% year over year from 56 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $99.8 million, a decline of 52.4% from $209.5 million in the prior-year period.

The normalized profit margin fell to 2.3% from 7.7% in the year-earlier period.

Total revenue decreased year over year to $2.62 billion from $2.73 billion, and total operating expenses decreased 6.0% from the prior-year period to $2.04 billion from $2.18 billion.

Reported net income came to a loss of $345.8 million, or a loss of 91 cents per share, compared to a loss of $52.8 million, or a loss of 14 cents per share, in the year-earlier period.