Kraft Heinz Company has reported fourth quarter and full year 2016 financial results, and while the company experienced a drop in sales, the report also revealed a boost in income from what the company believes is due to cost savings, the redemption of preferred stock, and lower taxes versus the prior year period.
"We finished 2016 consistent with our expectations and with good momentum heading into 2017," said Kraft Heinz CEO Bernardo Hees, outlining what’s to come for the company in the new year. "Looking forward, our objectives and opportunities are clear. But we need to sharpen our focus on profitable sales, and further improve our capabilities and execution to deliver another year of strong, sustainable growth in 2017."
Having met its expectations for the year and quarter, the company now expects its multi-year Integration Program to deliver $1.7 billion in cumulative, pre-tax savings by the end of 2017, up from $1.5 billion previously. The program is also now forecast to result in $2.0 billion of pre-tax costs, up from $1.9 billion previously, while increasing its plan for capital expenditures from $1.1 billion to $1.3 billion.
Other financial highlights from the company’s report include:
So, what will we see next from the mega company as it tightens up its financial strategies? Deli Market News has our ear to the ground for the latest.