Kraft Heinz Q2 net sales down 3.6%; lowers full-year organic sales and AOI outlook

Kraft Heinz Co

2024-Q2 EPS reported $0.74 revenue$12,887,000,000

Net sales $6.5B, down 3.6% YoY; organic net sales down 2.4% on volume/mix decline of 3.4pp.
GAAP diluted EPS $0.08 (down 90.1%) due to $854M non-cash impairment; adjusted EPS $0.78 (down 1.3%).
Adjusted operating income +2.0% to $1.38B; gross margin expanded 210bps to 35.5%.
FY2024 guidance lowered: organic net sales now -2% to 0% (prior 0-2%); adjusted OI growth 1-3% (prior 2-4%).
Adjusted EPS reaffirmed at $3.01-$3.07 (growth 1-3%); YTD returned $1.5B via dividends and buybacks.

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