Why Kraft Heinz Stock Crashed 14% This Morning
Shares of packaged foods giant Kraft Heinz (NASDAQ: KHC) are in free fall, down 13.7% as of 9:55 a.m. EDT after management reported first-half 2019 financial results this morning.
For fiscal H1, Kraft reported a 5% decline in sales to $12.4 billion and a much steeper 24% decline in earnings per share -- $1.44. Management noted that "promotional timing" and lower prices charged on its products hurt both sales and revenues in the period.
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