Kraft Heinz Affirms FY24 Adj EPS Guidance $3.01-3.07 vs $3.04 Est, Organic Revenue Growth 0% - 2%

Author: Benzinga Newsdesk | May 01, 2024 07:05am

Outlook

For fiscal year 2024, the Company is reaffirming its outlook for Organic Net Sales(2), Adjusted Operating Income(2), and Adjusted EPS(2). The Company continues to expect:

• Organic Net Sales growth of 0 to 2 percent versus the prior year. The Company expects a positive contribution from price throughout the year, with volumes inflecting positive in the second half of the year.
  
  
   
• Adjusted Operating Incomegrowth of 2 to 4 percent versus the prior year. This is in part driven by expected Adjusted Gross Profit Margin(1)(2) expansion in the range of 50 to 100 basis points versus the prior year, compared to the previous expectation of 25 to 75 basis points versus the prior year.
  
  
   
• Adjusted EPS growth of 1 to 3 percent, or in the range of $3.01 to $3.07. The Company expects an effective tax rate on Adjusted EPS to be in the range of 20 to 22 percent. Additionally, the Company expects an unfavorable impact of approximately $45 million within interest expense and other expense/(income) versus the prior year. This is primarily driven by foreign currency headwinds and debt refinancing at a higher rate. The outlook does not contemplate any potential additional share repurchases in 2024.

 

Posted In: KHC