Press release
Kraft Heinz Reports Second Quarter 2024 Results
Lowers Full Year Outlook for Organic Net Sales(1)(2) and Adjusted Operating Income(1)(2) Reaffirms Full Year Outlook for Adjusted EPS(1)(2) Second Quarter
About this update from The Kraft Heinz Company
[{"type":"text","content":"\nLowers Full Year Outlook for Organic Net Sales(1)(2) and Adjusted Operating Income(1)(2)\n\n\nReaffirms Full Year Outlook for Adjusted EPS(1)(2)\n\n\nSecond Quarter Highlights\n\n\n\nNet sales decreased 3.6%; Organic Net Sales(1) decreased 2.4%\n\n\n\n\nGross profit margin increased 180 basis points to 35.4%; Adjusted Gross Profit Margin(1) increased 210 basis points to 35.5%\n\n\n\n\nOperating income decreased 62.1%; Adjusted Operating Income(1) increased 2.0%\n\n\n\n\nDiluted EPS was $0.08, down 90.1%; Adjusted EPS(1) was $0.78, down 1.3%\n\n\n\n\nYear-to-date net cash provided by operating activities was $1.7 billion, up 8.1%; Free Cash Flow(1) was $1.2 billion, up 8.7%\n\n\n\n\nYear-to-date return of capital to stockholders was $1.5 billion\n\n\n\n PITTSBURGH & CHICAGO--(BUSINESS WIRE)--\nThe Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”) today reported financial results for the second quarter of 2024.\n\n\n“Our second quarter net sales growth came in lower than originally anticipated, as consumer sentiment remains cautious,” said Kraft Heinz CEO Carlos Abrams-Rivera. “While we are now expecting a more gradual top-line improvement in the back half of the year, we continue to unlock efficiencies that are allowing us to make accretive investments in our brands, grow profits, and drive future sales growth.\n\n\n“As we enter the second half of 2024, many drivers are giving us optimism for improved top-line trends. We are anticipating a continued ramp up of both innovation and renovation, particularly in North America Retail, and we are increasing our marketing investment to continue to drive brand superiority across our portfolio. In Away From Home and Emerging Markets, we expect to increase distribution through our go-to-market strategy and global activations. Finally, understanding that the consumer is looking for value, we will selectively increase investments in promotions.”\n\n\nAbrams-Rivera continued, “We remain confident in our strategy and in the attractive categories in which we compete. We are committed to managing our business in a disciplined manner that preserves our ability to drive sustainable, long-term growth.”\n\n\n\n\nNet Sales\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\...