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The Kraft Heinz Company (NASDAQ:KHC) reported better-than-expected second-quarter adjusted EPS results on Wednesday.
Kraft Heinz reported a second-quarter FY24 sales decline of 3.6% year-on-year to $6.48 billion, missing the analyst consensus estimate of $6.55 billion. Sales in North America declined 3.1% Y/Y, and International Developed Markets dropped 5%. Organic net sales slipped 2.4%.
Adjusted EPS of 78 cents beat the analyst consensus of 74 cents.
"Our second quarter net sales growth came in lower than originally anticipated, as consumer sentiment remains cautious," said 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."
Kraft Heinz expects FY24 adjusted EPS of $3.01 – $3.07, which is the same as prior expectations and against the estimate of $3.01. The company sees FY24 organic net sales to be down 2% to flat versus the prior year, compared to the previous expectation of 0% to 2% growth.
Kraft Heinz shares fell 0.3% to trade at $35.10 on Thursday.
These analysts made changes to their price targets on Kraft Heinz following earnings announcement.
Posted In: KHC