Kraft Heinz Co.
Stocks fell more than 9% on afternoon afternoon afternoon after the company had written off more than $ 15 billion in connection with previous acquisitions and a SEC investigation revealed. Kraft reported a loss of $ 12.61 billion or $ 10.34 per share for the fourth quarter, with revenues of $ 6.89 billion, compared to $ 6.84 billion a year earlier. Much of this loss resulted from "non-cash impairment charges of $ 15.4 billion related to the carrying amount of goodwill in certain reporting units (primarily US Refrigerated and Canada Retail) and certain intangible assets, primarily the Kraft and Oscar Mayer brands Decreasing to Release Adjusted for these and other factors, the company posted a profit of 84 cents per share, down 90 cents per share and below analyst estimates, with analysts expecting an average of 94 cents of net income and 6% revenue, according to FactSet. In the US, Kraft fueled lower prices during the Christmas season due to promotions and lower raw material costs, Kraft also announced a SEC summons and wrote, "The company received US securities in October 201
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