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Kraft Heinz Q4 Earnings Exceed Expectations

  • Kraft Heinz Co (NASDAQ: KHC) reported fourth-quarter FY22 sales growth of 10% year-on-year to $7.38 billion, beating the consensus of $7.26 billion.

  • Sales in North America rose 9.1% Y/Y, and International climbed 13.1%.

  • Gross profit increased by 9.3% Y/Y to $2.36 billion, with the margin contracting 20 points to 32%.

  • Operating margin for the quarter was 16.6%, and the operating income for the quarter was $1.2 billion versus a loss of $(20) million last year.

  • Adjusted EBITDA rose 8.6% to $1.7 billion.

  • Adjusted EPS of $0.85 beat the analyst consensus of $0.78.

  • Kraft Heinz held $1.04 billion in cash and equivalents as of Dec. 31, 2022. Net cash provided by operating activities for the year totaled $2.5 billion.

  • Outlook: Kraft Heinz sees FY23 organic net sales growth of 4% - 6%.

  • The company expects FY23 adjusted EPS of $2.67 - $2.75 versus the consensus of $2.77.

  • Price Action: KHC shares are trading higher by 0.14% at $39.94 on the last check Wednesday.

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This article Kraft Heinz Q4 Earnings Exceed Expectations originally appeared on Benzinga.com

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