Kraft Heinz Profit Boosted By Pricing, US Tax Changes
Kraft Heinz Co.'s quarterly profit beat expectations as the Tater Tots-maker benefited from tax changes in the United States and raised prices to counter higher input costs, sending shares up 4% after the bell.
Food companies, including Conagra Brands Inc. and General Mills Inc., have flagged higher transportation costs and rising commodities prices in recent months. These companies are also are under pressure to boost sales while the struggling retailers they sell products to clamp down on prices and inventory.
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