Kraft Heinz Beats Sales Estimates on Turnaround Efforts
Kraft Heinz exceeded quarterly sales estimates as CEO Steve Cahillane's turnaround efforts boosted the U.S. business. The firm maintained its annual forecasts.
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KRAFT HEINZ CO/THE reported first-quarter sales of $6.05 billion, exceeding analyst estimates of $5.89 billion. Shares rose 4% as CEO Steve Cahillane's $600 million investment in the United States business showed early traction. The performance suggests the ketchup maker's turnaround is stabilizing despite a 1.2 percentage point drop in quarterly volumes.
