Kraft Heinz forecast annual profit below estimates

Kraft Heinz forecast annual profit below estimates

(Reuters) -Kraft Heinz forecast annual profit below Wall Street estimates on Wednesday, signaling more pressure from higher costs and currency headwinds even as it raised product prices.

A stronger greenback typically eats into profits of companies such as Kraft Heinz that have sprawling global operations and convert foreign currencies into dollars.

The company expects annual adjusted earnings of between $2.67 and $2.75 per share, below analysts average estimate of $2.77 per share in Refinitiv IBES data.

The Heinz ketchup makers net sales rose to $7.38 billion in the fourth quarter from $6.71 billion a year earlier. Analysts on average had expected sales of $7.27 billion.

It reported net income attributable to common shareholders of $890 million, or 72 cents per share, in the quarter ended Dec. 21, from a loss of $257 million, or 21 cents per share, a year earlier.

(Reporting by Deborah Sophia and Mehr Bedi in Bengaluru; Editing by Milla Nissi)