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Kraft Heinz profit misses consensus by 59.3% in fiscal Q2

Kraft Heinz Co. said its normalized net income for the fiscal second quarter ended June 28 amounted to 34 cents per share, compared with the S&P Capital IQ consensus estimate of 84 cents per share.

EPS declined 42.2% year over year from 59 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $130.4 million, a decrease of 41.8% from $223.9 million in the prior-year period.

The normalized profit margin dropped to 4.4% from 8.2% in the year-earlier period.

Total revenue declined year over year to $2.62 billion from $2.73 billion, and total operating expenses decreased 8.3% year over year to $2.00 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 with a loss of $52.8 million, or a loss of 14 cents per share, in the prior-year period.