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Kraft Heinz Shares Q1 2024 Results; Carlos Abrams-Rivera Discusses

Kraft Heinz Shares Q1 2024 Results; Carlos Abrams-Rivera Discusses


PITTSBURGH, PA & CHICAGO, IL
Tuesday, May 21st, 2024

Kraft Heinz has shared an update on its overall growth strategies, giving us a closer look at its operations with the release of its first quarter 2024 results. The company’s Q1 was marked by innovation, investments, and more.

Carlos Abrams-Rivera, Chief Executive Officer, Kraft Heinz Company“I’m pleased that our strategic focus on unlocking end-to-end efficiencies and reinvesting in the business to drive sales growth continues to pay off,” said Kraft Heinz Chief Executive Officer Carlos Abrams-Rivera. “Our first quarter results were in line with our expectations, with growth across each of our three strategic pillars—Global Away From Home, Emerging Markets, and North America Retail ACCELERATE Platforms—and continued sequential volume recovery. At the same time, we increased year-over-year operating income in the quarter.”

In its report, Kraft reported:

  • Operating Income increased 4.7 percent; Adjusted Operating Income increased 1.7 percent
  • Gross profit margin increased 240 basis points to 35 percent; Adjusted Gross Profit Margin increased 170 basis points to 34.5 percent
  • Net sales decreased 1.2 percent; Organic Net Sales decreased 0.5 percent

With strategic focus on efficiency and reinvestment to drive sales growth, Kraft Heinz has unveiled results for its Q1 2024

“Our Agile@Scale methodology continues to fuel reinvestment in the business, helping to deliver against our gross efficiency target,” added Abrams-Rivera. “These reinvestments are powering innovation, brand superiority, disruptive marketing, sales excellence, and further productivity to drive growth.”

For 2024, the company expects

  • Organic Net Sales growth of 0 to 2 percent versus the prior year

  • Adjusted Operating Income growth of 2 to 4 percent versus the prior year

  • Adjusted EPS growth of 1 to 3 percent, or in the range of $3.01 to $3.07

“...We are reiterating our outlook for 2024 and remain confident in our ability to drive profitable growth,” Abrams-Rivera concluded.

View the full report here.

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Kraft Heinz
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