Kraft Heinz sales jumped 165 per cent in the first quarter – due to the merger
Kraft Heinz has revealed a massive jump in sales during the three months to 3 April, driving the group's share price up by over five per cent in after hours trading.
The company, which was formed out of the merger of Kraft and Heinz last year, said a 165 per cent increase in sales – up to $6.57bn (£4.53bn) from $2.48bn in the first quarter of last year – was down to the combination of both firms.
Meanwhile, operating income was up 197.2 per cent to $1.51bn from $509m, and earnings per share (EPS) grew by 204.2 per cent to $0.73 from $0.24.
The results came in ahead of expectations, with analysts forecasting revenue of $6.5bn and EPS of $0.63.
"We've had a solid start to the year. Our savings are coming in faster than anticipated and we're performing better where it matters most, with our customers and consumers in the marketplace," said Kraft Heinz chief executive Bernardo Hees.
"But we still have a lot of work ahead. Consumption trends in a number of our core categories remain challenging and we're entering a critical phase in our North American supply chain integration. As we implement our plans, we will keep our focus on profitable growth while continuing to put our consumers first."
Kraft Heinz is the company behind well-known brands such as Philadelphia cream cheese, Maxwell House coffee and Capri-Sun.