Kraft Heinz Co. raised its full-year core profit forecast on Wednesday, as the packaged food maker expects strong demand and increased product prices to counter inflation. Shares of Kraft were up about 2 percent in premarket trading after the Chicago-based company topped Wall Street estimates for third-quarter revenue and profit. Kraft said it expects strong pricing in the first half of 2022 to offset the escalating inflation, as at-home dining trends, which emerged during the pandemic, hold up despite the reopening of dine-in restaurants and bars. Packaged food companies, which benefited last year from a pandemic-driven pantry-stocking frenzy, have been wrestling with rising raw material costs and freight expenses due to supply chain disruptions caused by the COVID-19 pandemic. “2022 will remain a very fluid environment. That said, we continue to believe that, from a topline perspective, we will sustain stronger consumption versus pre-pandemic levels” Global Chief Financial Officer Paulo …
Kraft Heinz Lifts Profit View on Boost From Inflation-Prompted Price Hikes
October 28, 2021
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