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BofA Securities analyst Bryan D. Spillane reiterated the Buy rating on The Kraft Heinz Company KHC, raising the price forecast to $40 from $38.
Kraft Heinz has been struggling to capitalize on all the potential efficiencies stemming from 2015's merger. The food powerhouse, however, is finally proving this merger is capable of making financial sense.
Kraft Heinz's (KHC) second-quarter 2024 results reflect lower sales and earnings on weakening consumer sentiment. Management lowers its 2024 organic net sales.
The Kraft Heinz Company (NASDAQ:KHC ) Q2 2024 Results Conference Call July 31, 2024 9:00 AM ET Company Participants Anne-Marie Megela - Head of Global Investor Relations Carlos Abrams-Rivera - Chief Executive Officer Andre Maciel - Executive Vice President and Global Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Ken Goldman - JPMorgan Steve Powers - Deutsche Bank John Baumgartner - Mizuho Securities Michael Lavery - Piper Sandler David Palmer - Evercore Robert Moskow - TD Cowen Operator Good day, and thank you for standing by. Welcome to The Kraft Heinz Company Second Quarter Results Conference Call.
Kraft Heinz Co (NASDAQ:KHC, ETR:KHNZ) reported mixed results for the second quarter of 2024, with adjusted earnings slightly exceeding analyst expectations but revenue falling short. The company also adjusted its sales growth outlook for the year, citing cautious consumer sentiment.
Kraft Heinz (KHC) came out with quarterly earnings of $0.78 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.79 per share a year ago.
Shares of Kraft Heinz Co. KHC gained 0.5% in premarket trading Wednesday, after the food and beverage brands company beat profit expectations but missed on sales, citing a continued “cautious” consumer. Net income dropped to $102 million, or 8 cents a share, from $1 billion, or 81 cents a share, in the year-ago period.
The Kraft Heinz Company KHC is scheduled to release its financial results for the second quarter, before the opening bell on Wednesday, July 31.
High input costs and elevated marketing costs are a threat to profitability, while economic pressures on lower-income households have been hurting Kraft Heinz's (KHC) sales volumes.
Shares of Kraft Heinz haven't budged since they tumbled in 2017 and 2018. The reasons for this initial post-merger weakness, however, are finally abating.