Kraft Heinz Co (NASDAQ:KHC) stock was sliding on Friday following the release of its earnings report for the fourth quarter of 2017.
Source: Mike Mozart via Flickr
During the fourth quarter of the year, Kraft Heinz Co reported earnings per share of 90 cents. This is down from its earnings per share of 91 cents from the same time last year. It was also bad news for KHC stock by coming in below Wall Street’s earnings per share estimate of 95 cents for the period.
Kraft Heinz Co also reported net income of $8 billion in the fourth quarter of 2017 thanks to a benefit from the recent change in U.S. tax laws. The company’s net income from the fourth quarter of 2016 was $944 million.
Operating income reported by Kraft Heinz Co in the fourth quarter of the year was $1.64 billion. This is an increase over its operating income of $1.58 billion from the same period of the year prior.
Kraft Heinz Co’s revenue for the fourth quarter of the year was $6.88 billion. This is up slightly from its revenue of $6.68 billion that was reported in the fourth quarter of the previous year. However, it wasn’t good news for KHC stock due to it missing analysts’ revenue estimate of $6.92 billion for the quarter.
Kraft Heinz Co notes that the slow growth for its revenue was due to slumping sales in the U.S. The company saw its U.S. sales decline by $1.1% during the quarter when compared to U.S. sales from the same time last year.
KHC stock was down 3% as of Friday afternoon.
More From InvestorPlace
- 7 Great REITs to Own in Good Times and Bad
- 8 Companies That Could Disappear by 2019
- 10 Dividend Stocks to Buy With Low Yields, But Big Dividend Growth
As of this writing, William White did not hold a position in any of the aforementioned securities.