USA: Kraft Heinz beats profit estimates, plans to boost marketing

 

Kraft Heinz Co (KHC.O) will spend more on marketing for key brands widely thought to have been neglected after reporting on Thursday that lower costs helped it beat third-quarter profit expectations, sending shares up 13% in midday trading.

Having booked billions of dollars in writedowns this year on the value of some of its most well-known brands, including bacon and cold-cuts maker Oscar Mayer, Kraft Heinz has been criticized for gutting spending on brands under a chief executive installed by No. 2 investor, Brazilian private equity firm 3G Capital.

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