Vending

Kraft Heinz lifts Q1 2023 results boosted by price hikes

Image: Adobe Stock.

May 3, 2023

Kraft Heinz Inc. lifted its sales and income for Q1 2023 over the prior year period, boosted by price increases, according to an earnings report. Highlights include:

• Net sales increased 7.3% from $6.04 billion in Q1 2022 to $6.49 billion in the quarter ending April 1, 2023, including a negative 2.1 percentage point impact from currency.
• Organic net sales increased 9.4% with price increasing 14.7% in the comparative quarters.
• Net income increased 7.1% from $781 million to $837 million.
• Diluted EPS rose 7.9% from 63 cents to 68 cents.
• Adjusted EPS rose 13.3% to 68 cents.

Shares traded today at $41.12 against a 52-week range of $32.73-$44.87.

The $6.49 billion in quarterly revenue beat analyst expectations by $100 million, while the non-GAAP EPS of 68 cents beat expectations by 9 cents, according to Seeking Alpha.

"We delivered strong results in the first quarter of 2023, with net sales growth across both our North America and international zones that continues to be fueled by foodservice, emerging markets and U.S. retail Grow platforms," Miguel Patricio, CEO and chair of the board, said in the press release.

The company declared a 40 cents per share quarterly dividend, payable June 30 for shareholders of record June 6.

The company reaffirmed its expectation of 2023 organic net sales growth of 4% to 6% over 2022.

The company raised 2023 adjusted EPS guidance to be in the range of $2.83 to $2.91.