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Kraft Heinz boosts sales, earnings for Q1 2021

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April 29, 2021

Kraft Foods Inc.'s net sales rose 3.9% from $6.15 billion in Q1 2020 to $6.4 billion in the quarter ending March 27, 2021, according to an earnings report.

Net income rose 49% from $381 million in Q1 2020 of $568 million in Q1 2021 driven by strong gross profit growth.

Diluted EPS increased 48.4% from 31 cents in Q1 2020 to 46 cents in Q1 2021 while adjusted EPS increased 24.1% from 58 cents in Q1 2020 to 72 cents in Q1 2021.

Shares traded today at $41.26 against a 52-week range of $28.12-$41.46.

"Our first quarter was better than expected, with our team delivering strong results on top of exceptional growth last year," Kraft Heinz CEO Miguel Patricio said in a prepared statement. "Looking forward, we will continue to focus on leveraging our tremendous scale by investing to improve our capabilities and overall agility. As we do, we believe we will come out of this period much stronger, operationally and financially, than we entered."

For the second quarter of 2021, and based on performance to date, the company currently expects a mid-single-digit percentage increase in both organic net sales and constant currency adjusted EBITDA versus the comparable 2019 period.