RTTNews | Oct 27, 2021 08:35AM EDT

08:35 Wednesday, October 27, 2021 (RTTNews.com) - While reporting third-quarter results on Wednesday, The Kraft Heinz Company (KHC) has increased its expectations for 2021 adjusted EBITDA to more than $6.2 billion, from at least $6.1 billion. Also, the company expects organic net sales growth in 2021 to be flat compared to an exceptionally strong 2020 period.

Third quarter adjusted EBITDA decreased 11.3 percent year-on-year to $1.5 billion. Adjusted earnings per share was $0.65, down 7.1 percent. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.58, for the quarter. Analysts' estimates typically exclude special items.

Net income increased 23.2 percent to $736 million. Earnings per share was $0.59, up 20.4 percent from prior year.

Net sales decreased 1.8 percent to $6.3 billion. Analysts expected revenue of $6.05 billion, for the quarter.

Shares of Kraft Heinz were up 1% in pre-market trade on Wednesday.

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