Sector: Consumer Staples|Industry: Packaged Foods|Market Cap: $36.64B|Employees: 36K
The Kraft Heinz Company is a global food and beverage company committed to growing its iconic and emerging brands. They operate through six consumer-driven product platforms and leverage their scale and agility to compete in a highly competitive market. Their primary revenue streams come from the sale of condiments and sauces, cheese and dairy products, and other grocery items across North America and internationally.
Net sales decreased to $6.411 billion, down from $6.489 billion in the prior year quarter, due to unfavorable impacts from foreign currency and acquisitions/divestitures, while organic net sales decreased by 0.5%.
Operating income reached $1.302 billion, up from $1.243 billion in the prior year quarter, driven by higher pricing and the impact of realized and unrealized gains and losses on commodity hedges.
Net income attributable to common shareholders decreased to $801 million, down from $836 million in the prior year quarter, due to unfavorable changes in other expense/(income) and higher tax expense.