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Global packaged foods makers have been steadily raising product
prices over the past year to counter increased costs tied to
labor, ingredients and transportation at a time when consumers
are steeling their wallets against skyrocketing energy and food
prices.
Although the preference for cooking at home, which developed
during the pandemic, has proven to be relatively sticky so far,
cracks in demand are beginning to emerge as shoppers hunt for
more affordable alternatives and analysts caution that packaged
makers may be reaching their ceiling on price hikes.
Shares of the Jell-O maker rose 3% in premarket trading.
The company reported net income attributable to common
shareholders of $432 million, or 35 cents per share, for the
quarter ended Sept. 24, compared with $733 million, or 59 cents
per share, a year earlier.
The Heinz ketchup maker's net sales rose to $6.51 billion in the
third quarter from $6.32 billion a year earlier. Analysts on
average had expected $6.27 billion, according to IBES data from
Refinitiv.
(Reporting by Mehr Bedi and Granth Vanaik in Bengaluru; Editing
by Maju Samuel)
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