Kraft Heinz Co. announced a disappointing fourth quarter, but forecasts an adjusted earnings per share growth of 1-3%, amounting to $3.01 to $3.07, for the fiscal year of 2024. Contrarily, Thomson Reuters' compiled data showed that analysts predict the company's earnings to average around $3.03 per share, typically excluding extraordinary items.
Kraft Heinz expects to see a 2-4% growth in adjusted operating income and an organic net sales growth of 0-2% compared to the preceding year. Even though the company experienced a decrease in earnings from the previous year during the fourth quarter, it did perform higher than the market predictions.
Their net income was approximately $757 million or $0.61/share, in comparison to $890 million or $0.72/share from the fourth quarter of last year. However, their adjusted earnings amounted to $964 million or $0.78/share for the same period. Analysts predicted the earnings to be about $0.77/share.
The company's revenue for the quarter dropped by 7.0% to $6.86 billion, down from $7.38 billion the previous year. Before market trading on the Nasdaq, Kraft Heinz's shares dropped by approximately 1.3%, resulting in a trading price of $35.65/share.
