The Kraft Heinz Company (KHC) beat analysts’ estimates when it reported earnings Wednesday.
The Pittsburgh-based food company reported adjusted earnings of $0.63 a share, beating the $0.56 a share expected. It also reported sales rose $6.51 billion from $6.32 billion a year earlier. Analysts had expected $6.27 billion.
Heinz attributed rising prices and improved deliveries to retailers for the positive quarter.
“We delivered another quarter of strong results as we continue to successfully navigate a volatile environment,” Miguel Patricio, the company’s CEO said in a statement.
Grocery prices increased nearly 13% in September, according to the latest Labor Department data.
Shares of Heinz on Wednesday fell to $36.71, down $0.35, or 0.94% as of 1 pm ET.