STOCKS | Kraft Heinz Rises 5.3% After Raising Full-Year Sales Outlook

Kraft Heinz shares rose 5.3% in early trading after the company raised its full-year sales outlook. According to Sina Finance, Kraft Heinz now expects organic net sales to decline 0.5% to 1.3%, compared with its previous guidance for a decline of as much as 2%, and raised its adjusted earnings-per-share forecast to $2.07-$2.13 from $2.03-$2.09. The company said its transformation plan was making progress. CEO Steve Cahillane said efforts to transform its U.S. business and accelerate overseas growth were on track, with market share, sales and shipment trends improving across all regions compared with last year. Third-quarter net income fell to $544 million, or $0.46 per share, from $615 million, or $0.52 per share, a year earlier. Adjusted earnings per share were $0.53, above analysts’ estimate of $0.42, according to FactSet. Revenue declined 2% to $6.12 billion, compared with analysts’ estimate of $6.09 billion. Sales fell 3.4% in North America and 5.6% in developed international markets, while emerging-market sales rose 14%.