The food and beverage giant is scheduled to announce its quarterly results later today.

Kraft Heinz Co, a U.S. food and beverage firm, disclosed it had met its cost cutting target of $1.7 billion by December 31, 2017.

Kraft Heinz, which is scheduled to announce its quarterly results later on Friday, stated it has shredded it operating costs by more than 5% after its acquisition of Kraft Foods Group in 2015.

With its statement reaching the market, shares of Kraft Heinz, the fifth-largest food and beverage company in the world which owns brands such as Heinz ketchup and Velveeta cheese, edged up by 1%.

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