November 1, 2018 / 8:17 PM / 15 days ago

Kraft Heinz quarterly income falls by a third, shares slide

CHICAGO, Nov 1 (Reuters) - Tater tots maker Kraft Heinz Co reported a steep decline in third quarter net income, hurt by higher commodity costs and other expenses, sending its shares down 5.7 percent.

Net income attributable to the company’s shareholders slid 33.3 percent to $630 million, or 51 cents per share, in the three months ended Sept. 29, from $944 million, or 77 cents per share, a year earlier.

The Chicago-based company, which owns the Velveeta cheese and Heinz ketchup brands, said net sales rose 1.6 percent to 6.38 billion. (Reporting by Richa Naidu Editing by Bill Berkrot)

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