Kraft Heinz turnaround in trouble?

Kraft Heinz has written down its assets by another $1.22 billion after the company’s CEO said during a quarterly earnings call that “there’s going to be continued risk of future impairments.”

Kraft Heinz CEO Miguel Patricio said during the call on Thursday that the company has “a big agenda to build. ... I wouldn’t feel comfortable about [giving] a guidance. I still do not have the necessary confidence about that number.”

According to CNBC, the refusal to provide a forecast frustrated analysts who had gone six months without a quarterly filing, and hoped they would finally have insight into how the company expects to regain its footing.

The value of Kraft Heinz’s stock has dropped 64% since the beginning of 2018 as consumers buy more fresh foods and show less interest in processed foods. The growth of private label brands has also been a factor affecting CPG growth.

Read the CNBC article here.