The Kraft Heinz Company (NASDAQ: KHC), a leading food and beverage manufacturer, Wednesday reported a decline in revenue and adjusted profit for the second quarter of 2024.
- Second-quarter net sales decreased 3.6% year-over-year to $6.48 billion; organic net sales decreased 2.4%
- Earnings, on a reported basis, plunged about 90% year-over-year to $0.08 per share in the June quarter
- Adjusted profit was $0.78 per share in Q2, down 1.3% from the year-ago period
- Gross profit margin rose 180 basis points to 35.4% in Q2; adjusted gross profit margin increased 210 basis points to 35.5%
- Q2 operating income decreased 62.1% to $522 million; adjusted operating income increased 2.0%
- Year-to-date net cash provided by operating activities was $1.7 billion, up 8.1%; Free cash flow came in at $1.2 billion
- Year-to-date return of capital to stockholders was $1.5 billion
- The Company paid $969 million in cash dividends and repurchased $537 million of common stock so far this year
- For fiscal 2024, Kraft Heinz now expects organic net sales to be down 2% to flat, versus the prior year
- It continues to see full-year adjusted EPS growing 1-3 annually, or in the range of $3.01 to $3.07
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