Investors hoping that Kraft Heinz (NASDAQ: KHC) would show the beginnings of a turnaround in its fourth-quarter earnings report were disappointed.
The stock fell 9% as the company reported declining organic sales and adjusted profits and took yet another writedown. Though new CEO Miguel Patricio expressed optimism about the company's plan for 2020, it's clear the packaged food giant is still struggling to turn the business around.
Organic sales, which strip out the impact of divestitures, acquisitions, and foreign currency, declined 2.2% in the quarter despite price increases in most of its markets, and overall revenue was down 5.1% to $6.54 billion, missing estimates at $6.6 billion.
Source Fool.com