Kraft Heinz Reports 2018 First Quarter Results
Kraft Heinz has reported a decrease in net sales of 0.3% in its first-quarter report.
The American confectionery, food and beverage company, who own Heinz ketchup, reported net sales of $6.3 billion (€5.2 billion), down 0.3% versus the same period the previous year.
The group, however, remain optimistic and are satisfied with the company's performance.
Kraft Heinz CEO Bernardo Hees, said, “Our first-quarter results were consistent with, if not slightly better than, the expectations we expressed in February.
“The initial successes we’re seeing in the marketplace, together with the strong investments we’re making in marketing, new product innovation, and capability-building, give us increased confidence in delivering the top- and bottom-line growth we expect in 2018.”
Adjusted EBITDA decreased 2.6% compared to the previous year to $1.8 billion (€0.83 billion), including a favourable 0.9% point impact from currency.
Excluding the impact of currency, the decline in Adjusted EBITDA reflected higher input costs, lower volume/mix and investments in strategic initiatives. Adjusted EPS increased 6% to $0.89, mainly reflecting lower taxes versus the prior year period.
Kraft Heinz reported in February that it marginally missed out on its fourth-quarter expectations of 0.9% due to lower shipments for nuts, natural cheese and cold cuts in the U.S.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O'Sullivan. Click subscribe to sign up for the Checkout print edition.