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Kraft Heinz earnings plunge, CEO says results not acceptable

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CHICAGO, IL - MARCH 25: In this photo illustration, Heinz Tomato Ketchup is shown on March 25, 2015 in Chicago, Illinois. Kraft Foods Group Inc. said it will merge with H.J. Heinz Co. to form the third largest food and beverage company in North America with revenue of about $28 billion.  (Photo Illustration by Scott Olson/Getty Images)
Heinz Tomato Ketchup. (Photo Illustration by Scott Olson/Getty Images)

Kraft Heinz (KHC) released its financial results for the first half of 2019 Thursday morning. The company noted that first-half revenues dropped 4.8%, and operating income sank 55% from the same period last year.

Here are the numbers for Kraft Heinz first half, compared to Bloomberg-compiled estimates:

  • Q1 net sales: $5.96 billion vs. $6.06 billion expected

  • Q1 adj. EPS: 66 cents vs. 61 cents expected

  • Q2 net sales: $6.41 billion vs. $6.59 billion expected

  • Q2 adj. EPS: 78 cents vs. 75 cents expected

“The level of decline we experienced in the first half of this year is nothing we should find acceptable moving forward,” CEO Miguel Patricio said in a statement. “We have significant work ahead of us to set our strategic priorities and change the trajectory of our business.”

Kraft Heinz announced that it would be delaying its 10-Q filing. Shares fell more than 13% as of market open Thursday and hit all-time lows.

The consumer staples giant has been entangled in a web of drama this year, and its first-quarter financial results were delayed due to an SEC investigation into its accounting and procurement practices. In February, Kraft Heinz revealed a massive $15 billion write down of its Kraft and Oscar Mayer brands and slashed its dividend by 36% to 40 cents per share from 62.5 cents per share.

Patricio officially took over as CEO from predecessor Bernardo Hees July 1. He previously served as the chief marketing officer at beer giant Anheuser-Busch InBev.

Shares of Kraft Heinz have been under serious pressure this year and have tumbled 26%, while the broader market rose 16% in the same time period, as of Wednesday’s close.

Kraft Heinz will host its earnings conference call at 8:30 a.m. ET.

This post is developing. Please check back for updates.

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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