Wall Street Waiting For Q4 2018 GDP Data Next Week
Zacks Investment Research | Feb 21, 2019 10:30PM ET
Two companies reporting Q4 earnings late Thursday are seeing their share prices tumble ahead of Friday’s opening bell. American pantry staple Kraft Heinz (NASDAQ:KHC) posted an earnings and revenue miss, and tacked on a couple extra costs in the quarter that are absorbing an inordinate amount of fiscal pain. And Stamps.com (NASDAQ:STMP) forecasted lower expectations after its earnings beat on Q4 estimates.
Kraft Heinz reported 84 cents per share, missing the Zacks consensus 93 cents and the 90 cents per share in the year-ago quarter. Revenues of $6.89 billion came up modestly short of expectations, down 0.85%. The company, whose shares had risen 12% year to date ahead of the report, are currently down 25% before regular trading Friday.
The company took a $15 billion write-down on declining brand value for some of its iconic names, such as Kraft and Oscar Mayer. Trends in the U.S. have been moving away from packaged foods such as those Kraft Heinz specializes in. The company’s CFO mentioned on the conference call that “we expect to take a step backwards” in 2019. Berkshire Hathaway Zacks Investment Research
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