Kraft Heinz Q3 net sales down 2.8%; posts $1.4B impairment; narrows FY outlook

Kraft Heinz Co

2024-Q3 EPS reported $0.50 revenue$19,270,000,000

Net sales $6.4B, -2.8%; Organic Net Sales -2.2%; price +1.2pp, volume/mix -3.4pp.
Diluted EPS -$0.24, driven by $1.4B impairment on Lunchables and goodwill; Adjusted EPS $0.75, up 4.2%.
Adjusted Operating Income $1,330M, +1.4%; gross margin expanded 30 bps to 34.3%.
Narrows FY outlook: organic net sales at low end of down 2% to flat; adj. EPS growth 1-3% ($3.01-$3.07).
YTD free cash flow $2.0B, up 9.7%; returned $2.0B to shareholders via dividends and buybacks.

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