Kraft Heinz Co. reported fourth-quarter net income of $8.0 billion, or $6.52 per share, up from $944.0 million, or 77 cents per share, for the same period last year. Adjusted EPS was 90 cents per share, missing the 95-cents FactSet consensus. Sales were $6.88 billion, down from $6.86 billion last year and below the $6.91 billion FactSet consensus. Heinz Chief Executive David Knopf says the company has made $300 million in strategic investments and $800 million in capital expenditures to improve the business since the tax overhaul was put in place. U.S. sales were down 1.1% to $4.8 billion with volume down 1.7 percentage points driven by distribution losses in the club channel for Planters nuts, lower shipments of natural cheese and service-related losses in cold cuts. Losses were offset by gains in macaroni and cheese, Lunchables, Capri Sun beverages and P3 portable snacks. Kraft Heinz shares are down 0.3% in Friday premarket trading, and down 16.7% for the last year. The S&P 500 index is up 16.4% for the past 12 months.
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