Kraft Heinz showed positive results for its third fiscal quarter and is well positioned to meet inflation and other future challenges, its CEO says.
Net income for the quarter ending Sept. 25 was $736 million, a 23.3% increase over the third quarter of 2020. Sales were $6.32 billion, a 1.8% drop from last year, but much of that loss was attributable to the sale of the Planters peanut business to Hormel Foods. Organic net sales, stripping out the effects of the Planters deal, were up 1.3% over 2020 and 7.6% over 2019, the last year before the pandemic.
"I am incredibly proud of our Kraft Heinz team for delivering another quarter of results that exceed our expectations, even as we face the ongoing challenges of the pandemic and, now, escalating inflation,” Kraft Heinz CEO Miguel Patricio said in a statement.
Kraft Heinz executives said last month that they’ve increased prices for about two-thirds of their products, and are prepared to increase them further if inflation in 2022 warrants.