Kraft Heinz restates earnings over period of 2+ years
PITTSBURGH — Kraft Heinz is restating its financial results for the years 2016, 2017, and for the first nine months of 2018.
The company said in February that it was being investigated by the Securities and Exchange Commission over its procurement operations. Kraft Heinz Co. said in a regulatory filing on Monday that several employees within its procurement operations engaged in misconduct. Kraft says the company has since made adjustments to correct prior misstatements, essentially increasing the total cost of products sold during the time when the misconduct was occurring.
It said that the internal investigation of the matter is “substantially complete” and that the misstatements were “not quantitatively material to any quarter.”
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