WASHINGTON (dpa-AFX) - Kraft Heinz Co. (KHC), while reporting weak first-quarter earnings but above market estimates, on Tuesday trimmed its fiscal 2025 earnings forecast.
In pre-market activity on the Nasdaq, Kraft Heinz shares were losing around 1.3 percent to trade at $28.44.
Separately, Kraft Heinz said its Board of Directors declared a regular quarterly dividend of $0.40 per share of common stock payable on June 27, to stockholders of record as of May 30.
For fiscal year 2025, the company now expects adjusted earnings per share in the range of $2.51 to $2.67, compared to previous estimate of $2.63 to $2.74.
The Wall Street analysts on average expect the company to report earnings of $2.67 per share. Analysts' estimates typically exclude special items.
Constant currency adjusted operating income is expected to be down 5 percent to down 10 percent versus the prior year. Organic net sales is projected to be down 1.5 to down 3.5 percent versus the prior year.
In its first quarter, Kraft Heinz's bottom line came in at $712 million or $0.59 per share, compared with $801 million, or $0.66 per share, last year.
Adjusted earnings were $743 million or $0.62 per share for the period. Analysts had expected the company to earn $0.60 per share.
The company's revenue for the period fell 6.4 percent to $5.999 billion from $6.411 billion last year. The Street expected revenues of $6.02 billion.
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