(Reuters) - Kraft Heinz Co <KHC.O>, the maker of Velveeta cheese, Heinz ketchup and Oscar Mayer meats, reported a higher-than-expected adjusted profit, helped by lower costs.
The company's shares, which had risen 26 percent in the past year to touch a record high on Wednesday, were down about 1 percent at $90.35 in extended trading.
The world's fifth-largest food and beverage company has been forced to adjust its products as shoppers prefer fresher items and those perceived to be healthier over packaged foods.
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Last month, the company said it would form a joint venture with media mogul Oprah Winfrey to develop a new line of food products in the United States.
Sales fell 3.8 percent to $6.86 billion, hit by a stronger dollar and lower demand in the United States, but topped the average analyst estimate of $6.74 billion.
U.S. sales fell 3.1 percent to $4.84 billion, accounting for more than 70 percent of total sales.
Selling, general and administrative expenses fell 21 percent to $879 million in the fourth quarter ended Dec. 31.
Net income attributable to Kraft Heinz rose to $944 million in the quarter from $645 million a year earlier.
Excluding certain items, the company earned 91 cents per share.
Analysts on average had expected a profit of 88 cents per share and revenue of $6.74 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Jessica Kuruthukulangara and Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)