Kraft Heinz taking $1.2B in impairment charges, net income down 51%

//Kraft Heinz taking $1.2B in impairment charges, net income down 51%

Kraft Heinz taking $1.2B in impairment charges, net income down 51%

Kraft Heinz Co. on Thursday issued preliminary financial results for the first half of 2019, revealing more than $1.2 billion in impairment charges and dismal profits. Wall Street responded with a sell-off. Net sales were $12.4 billion, down 4.8 percent from a year ago. Net income was $854 million, or 70 cents per share, a 51 percent drop. Shares plunged to a new 52-week low of $26.05, down 15 percent. Kraft Heinz (Nasdaq:KHC) closed at $28.22 per share, down 8.58 percent or $2.65. “The…

Article by [author-name] (c) Manufacturing News - Manufacturing News Headlines | Bizjournals.com - Read full story here.

By | 2019-08-08T20:33:28+00:00 August 8th, 2019|Budget and Tax|

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