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Kraft Heinz restates earnings

Video Credit: Reuters Studio - Duration: 01:01s - Published < > Embed
Kraft Heinz restates earnings

Kraft Heinz restates earnings

Kraft Heinz will two years' worth of earnings to fix errors that resulted from lapses in procurement practices.

Fred Katayama reports.


Kraft Heinz restates earnings

Employee misconduct at Kraft Heinz.

That's what the maker of ketchup and Mac & Cheese blames for its need to restate nearly three years' worth of financial reports.

The packaged food company said Monday its internal probe found some of its employees had misstated the timing and recognition of supplier contracts.

That boosted the cost of products it sold.

The investigation found senior management was not involved in the misconduct.

Sparking that probe: an SEC subpoena into its accounting policies.

News of the restatement sent Kraft Heinz shares down.

The company's largest shareholder, Warren Buffett's Berkshire Hathaway, owns more than a quarter of Kraft Heinz.

Berkshire wasn't able to include Kraft Heinz's earnings in its own recent report because Kraft hasn't filed its results.

But Buffett told CNBC he remains confident in the company.

Berkshire has had to write down $3 billion on its stake because Kraft Heinz has been unable to keep up with the changing tastes of consumers and relies on aging brands like Oscar Mayer and Jell-O.

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