Thursday premarket trading action was highlighted by a handful of food, beverage, and restaurant names reporting quarterly results. Here’s what investors in the space need to know.
Kraft Heinz Co (NASDAQ: KHC) shares were trading 6.26% higher to $36.01 at last check after the food company reported a fourth-quarter earnings beat.
The company said it earned 80 cents per share on revenue of $6.94 billion versus expectations of 74 cents per share and $6.82 billion. Organic net sales were higher by 6% in the quarter amid ongoing at-home food consumption trends due to the COVID-19 pandemic.
Kraft also confirmed the sale of its nuts business to Hormel Foods Corp (NYSE: HRL) for $3.35 billion.
Shares of Tyson Foods, Inc. (NYSE: TSN) were down 5.93% at $6.17 after the leader in protein food items reported mixed fiscal first-quarter results. The company said it earned $1.94 per share on revenue of $10.46 billion versus expectations of $1.49 per share and $10.84 billion.
The company said it exceeded $1 billion in operating income for the quarter amid higher earnings in the Prepared Foods, Beef, and Chicken segments.
Shares of TreeHouse Foods (NYSE: THS) were down 1.81% at $49.77 after the company reported fourth-quarter results and issued a comment on recent activist investor activity.
The maker of private label packaged foods and beverages said it earned $1.07 per share in the quarter on revenue of $1.18 billion versus estimates of $1.07 per share and $1.15 billion.
TreeHouse said in a statement it held multiple discussions with activist investor Jana Partners, adding that its board of directors will review Jana’s nominees to its board.
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Shares of PepsiCo, Inc. (NASDAQ: PEP) were trading down 0.96% at $136.38 at last check following its fourth-quarter report.
The beverage and snack giant said it earned $1.47 per share on revenue of $22.45 billion versus expectations of $1.46 per share and $21.8 billion.
Revenue was higher by 8.8% year-over-year and Pepsi noted it is on track to achieve its organic revenue and EPS growth targets in 2021.
Shares of Molson Coors (NYSE: TAP) were lower by 9.88% at $44.14 after reporting a fourth-quarter miss.
The beer and alcohol company said it earned 40 cents per share on revenue of $2.29 billion versus expectations of 77 cents per share and $2.4 billion.
The company said it should be able to reinstate a dividend in the back half of 2021.
Shares of Restaurant Brands International Inc (NYSE: QSR) were lower by 4.04% at $57.65 after reporting mixed fourth-quarter results.
The parent company of Tim Hortons, Burger King, and Popeyes said it earned 53 cents per share in the quarter on revenue of $1.36 billion versus expectations of 56 cents per share and $1.15 billion. Management said it expects new restaurant openings in 2021 to be roughly in line with 2018 and 2019 levels.
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