What’s News in Earnings: Tough Times Come for Big Food

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  Hey listeners, it's Wednesday, August 6th.

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  I am Jessi Newman for The Wall Street Journal and this is What's News in Earnings,

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  our look at the broad themes that stood out in the latest earnings season.

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  Today we're digging into what's happening at some of the nation's biggest food companies.

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  Times are tough in food, consumers are anxious,

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  they're hunting for deals and carefully guarding their wallets.

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  At the same time,

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  food companies are dealing with tariffs and surging costs for raw ingredients like cocoa and coffee,

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  and some are hiking their prices again.

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  They're doing this at a time when consumers are already buying less and profitability in the industry is down.

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  So here with us to discuss all of this is Wall Street Journal's very own Aaron Back.

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  Aaron is the editor for Wall Street Journal's Heard on the Street column,

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  where he writes from time to time about these big food makers.

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  And he's here to tell us all about what they're doing.

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  Aaron, great to have you with us.

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  Hi. So let's start high level.

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  What do food company earnings reports over the past few weeks tell us about how consumers are faring these days?

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  The results are pretty poor.

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  And the performance of those stocks reflects that.

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  I looked at five of the biggest food companies, Kraft Heinz,

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