Kraft Heinz stock rallies after profit and sales rise above expectations, as a big jump in prices offset volume declines

Shares of Kraft Heinz Co. KHC shot up 3.2% toward a 3 1/2-month high in premarket trading Wednesday, after the food and beverage company reported first-quarter profit and sales that rose above expectations and lifted its full-year outlook. Net income rose to $836 million, or 68 cents a share, from $776 million, or 63 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 68 cents beat the FactSet consensus of 60 cents. Sales grew 7.3% to $6.49 billion, above the FactSet consensus $6.39 billion, as a 14.7 percentage point increase in prices helped offset a 5.3 percentage point…