The Kraft Heinz Company KHC just released its first quarter 2017 financial results, posting earnings of $0.84 per share and revenues of $6.36 billion. Currently, Kraft Heinz is a Zacks Rank #3 (Hold), and is down 3.21% to $86.28 per share in after-hours trading shortly after its earnings report was released.
Missed earnings estimates. The company posted earnings of $0.84 per share (excluding $0.11 from non-recurring items), falling just short of the Zacks Consensus Estimate of $0.85 per share.
Missed revenue estimates. The company saw revenue figures of $6.36 billion, missing our consensus estimate of $6.46 billion.
Kraft Heinz’ net sales were 6.36 billion, down 3.1% year-over-year. The company’s organic net sales fell by 2.7% sequentially. Volume/mix fell by 13.9%, driven in part by reduced in-store activity and the discontinuation of some products at retail locations.
The company’s adjusted EBITDA fell 3.4% to $1.9 billion. Kraft Heinz’ U.S. net sales dropped 3.5% to $4.6 billion. In Canada, net sales fell by 12.2% to $443 million. Sales also fell in Europe.
However, in the rest of the world Kraft Heinz’ net sales jumped by 7.5% to $826 million.
“Although our top line results in the first quarter reflect a slow start to the year, we remain on track with our key initiatives,” Kraft Heinz CEO Bernardo Hees said in a press release. “We are delivering product innovations, renovations and geographic expansion that positions Kraft Heinz to drive organic sales growth for the balance of 2017 and beyond.”
“We also have good visibility on costs, savings and what we must do to deliver another year of profitable growth for The Kraft Heinz Company.”
Here’s a graph that looks at Kraft Heinz’ Price, Consensus and EPS Surprise history:
The Kraft Heinz Company Price, Consensus and EPS Surprise
The Kraft Heinz Company Price, Consensus and EPS Surprise | The Kraft Heinz Company Quote
The Kraft Heinz Company is a food and beverage company. The Company's brands include Kraft, Heinz, ABC, Capri Sun, Classico, Jell-O, Kool-Aid, Lunchables, Maxwell House, Ore-Ida, Oscar Mayer, Philadelphia, Planters, Plasmon, Quero, Weight Watchers Smart Ones and Velveeta. The Kraft Heinz Company formerly known as Kraft Foods Group, Inc., is based in PITTSBURGH, United States.
Check back later for our full analysis on Kraft Heinz’ earnings report!
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