Kraft Heinz Reports Q2 Earnings Above Street View

Kraft Heinz Co KHC reported a second-quarter FY22 sales decline of 0.9% year-on-year to $6.55 billion, beating the consensus of $6.39 billion.
Sales in North America fell 3.1% Y/Y, and International rose 7.2%.
Gross profit decreased by 13.4% Y/Y to $1.9 billion, with the margin contracting 430 points to 30.3%.
Operating margin for the quarter was 8.3%, and the operating income decreased 56.2% Y/Y to $542 million.
Adjusted EBITDA fell 10.9% to $1.5 billion.
Adjusted EPS of $0.70 beat the analyst consensus of $0.68.
Kraft Heinz held $1.5 billion in cash and equivalents as of June 25, 2022. Net cash provided by operating activities for six months decreased 61.2% to $788 million.
Outlook: Kraft Heinz raised expectations for 2022 Organic net sales to a high-single-digit percentage increase versus the prior year (previous view mid-single-digit percentage growth).
It continues to expect FY22 adjusted EBITDA of $5.8 billion - $6.0 billion.
Price Action: KHC shares are trading lower by 0.62% at $38.40 in premarket on the last check Wednesday.
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