Kraft and Heinz products
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Kraft Heinz on Thursday reported quarterly earnings that topped analysts’ expectations, but sales continued to decline as executives formulate a turnaround plan.
Shares of the company jumped 11.3% in morning trading. As of Wednesday’s close, shares were down by about 33% this year, giving the food company a market value of $34.8 billion.
“While our third-quarter results remain below our potential, we showed sequential improvement versus the first half, and I believe we are beginning to operate the business better,” CEO Miguel Patricio said in a statement. “We are making good progress in identifying and addressing the root causes of past…