The Kraft Heinz Company (NASDAQ: KHC) reported third-quarter 2020 financial results before the opening bell on Thursday. The food products company reported a 6% growth in Q3 revenues to $6.44 billion, which was better than the Wall Street consensus. Earnings of $0.70 per share also surpassed average analysts’ estimates by 8 cents.
KHC shares gained 1% immediately following the announcement. The stock has lost 7.5% of its value since the beginning of this year.
CEO Miguel Patricio said, “The continuation of our strong growth into the third quarter is a reflection of the agility we are creating as an organization and because of that, we are raising our outlook for the full year. We are building momentum, and we are confidently optimistic about our near-term performance.”
