Kraft Posts Profit, But Heinz In The Red

(RTTNews) - Kraft Heinz Co (KHC), the merged business of packaged foods maker Kraft Foods and ketchup maker H.J. Heinz, on Monday reported lower sales at both its divisions. The company also said that Kraft managed to post a quarterly profit, mainly on cost saving measures, while Heinz slipped to a loss.

Kraft's sales for the second quarter slid 4.9 percent to $4.52 million from $4.75 million in the prior year.

Kraft's net earnings for the quarter were up at $551 million or $0.92 per share, compared with $482 million or $0.80 per share last year.

Meanwhile, Heinz's sales for the quarter fell 4.1 percent to $2.62 million from $2.73 million in the prior year.

Heinz's net loss to common stockholders for the quarter were $344 million or $0.91 per share, compared with a loss of $53 million or $0.14 per share last year.

In July, Kraft Heinz Co announced the completion of the merger between Kraft and Heinz.