- Kraft Heinz Co (NASDAQ:KHC) reported a third-quarter FY21 sales decline of 1.8% year-on-year, to $6.32 billion, beating the analyst consensus of $6.02 billion.
- Sales in the U.S. fell 4% Y/Y, International rose 4.4%, and Canada increased 3.4%.
- The gross profit decreased by 13.5% Y/Y to $2.03 billion, with the margin contracting 430 points to 32%.
- The operating margin was 18.3%, and operating income for the quarter rose 0.8% to $1.2 billion.
- Adjusted EBITDA fell 11.3% to $1.5 billion.
- EPS of $0.65 beat the analyst consensus of $0.57.
- Kraft Heinz held $2.3 billion in cash and equivalents as of September 25, 2021. Net cash provided by operating activities year-to-date declined 26.4% Y/Y to $2.4 billion.
- Kraft Heinz’s board declared a regular quarterly dividend of $0.40 per share, payable on December 17, 2021, to stockholders of record as of November 26, 2021.
- Outlook: Kraft Heinz expects Organic net sales growth in 2021 to be flat.
- It raised FY21 adjusted EBITDA guidance from at least $6.1 billion to more than $6.2 billion.
- Price Action: KHC shares are trading higher by 0.07% at $36.47 on the last check Wednesday.
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