Kraft Heinz (KHC) Hopes to Ketchup in Second Half of 2024 After Reporting Sales Miss
May 01, 2024 - by Ashlee Vogenthaler
Today the food manufacturer Kraft Heinz Company (KHC) reported its Q1 financial results that came in line with expectations on EPS and revenue while its year over year net sales declined by 1.2% which missed Street estimates. The back-to-back sales decline is a rarity for the company however, it falls in line as pullback in consumer spending and rising prices due to inflation, was cited as contributing factors.
Management guided for FY 2024 organic net sales to come in flat to up 2% with volumes and pricing to have a positive impact while adjusted EPS is expected to grow 1%-3%. Its rival food makers General Mills (GIS) and JM Smucker (SJM) shares have also declined as the same themes seem to be resounding across grocery aisles.
