- Kraft Heinz Co KHC reported a second-quarter FY21 net sales decline of 0.5% year-on-year, to $6.62 billion, beating the analyst consensus of $6.53 billion.
- Sales in the United States Fell 3.6% Y/Y, Canada increased 8.8%, and international sales grew 8.3%.
- Organic net sales for the quarter fell 2.1%.
- Gross profit declined 6.6% Y/Y to $2.29 billion.
- The operating margin was 18.7%, and operating income for the quarter rose 192.2% to $1.24 billion.
- The company held $3.94 billion in cash and equivalents as of June 26, 2021.
- Net cash provided by operating activities year-to-date amounted to $2.03 billion, an 8.4% decline Y/Y, while free cash flow fell 18.4% to $1.59 billion.
- Adjusted EBITDA of $1.71 billion decreased 5.2% Y/Y.
- Adjusted EPS of $0.78 beat the analyst consensus of $0.72.
- "And while industry challenges, like cost inflation, certainly remain, the investments we are making in our people, brands, and capabilities are enabling us to leverage our tremendous scale through greater agility and build our advantage in the markets we serve around the world," said CEO Miguel Patricio.
- Outlook: Kraft Heinz expects a mid-single-digit percentage increase in Organic Net Sales for Q3 FY21 and a low-single-digit percentage decline in Constant Currency Adjusted EBITDA versus Q3 of 2019.
- It continues to expect 2021 Adjusted EBITDA ahead of its strategic plan and now expects Adjusted EBITDA to be ahead of 2019.
- Price action: KHC shares are trading lower by 0.077% at $38.91 in premarket on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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