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 $6.383 billion, down from $6.570 billion in the same quarter last year, primarily due to a 3.4% unfavorable volume/mix, partially offset by higher pricing.
Operating income shifted to a loss of $101 million, compared to a profit of $653 million in the prior year quarter, primarily due to non-cash impairment losses.
Net income attributable to common shareholders was a loss of $290 million, compared to a profit of $262 million in the same quarter last year, driven by operating losses and impairment charges.