Kraft Heinz (NASDAQ:KHC) reported third-quarter earnings that matched analyst expectations but narrowed its full-year outlook, leading to a 4% decline in its stock price intra-day today. The company posted adjusted earnings per share of $0.75, slightly above the consensus of $0.74, with revenue at $6.4 billion, just under the $6.43 billion forecast and reflecting a 2.8% year-over-year decline. Organic net sales also dropped 2.2% from the prior year.

Kraft Heinz revised its full-year 2024 guidance, indicating growth at the low end of its previously forecasted range for organic net sales, adjusted operating income, and adjusted EPS, now anticipated to grow between $3.01 and $3.07 per share.

CEO Carlos Abrams-Rivera highlighted growth in the Global Away From Home and Emerging Markets segments but acknowledged a slower-than-expected recovery in U.S. Retail, emphasizing a commitment to the company's long-term strategy. Kraft Heinz reported a net loss of $290 million in Q3, primarily due to $1.4 billion in non-cash impairment charges related to its Lunchables brand and Continental Europe operations.