The Kraft Heinz Company said on Wednesday that its net sales for the second quarter of 2023 landed at $6.7 billion, climbing 3% compared to the same period a year earlier, but came in slightly below estimates.
Net income attributable to common shareholders for the trimester skyrocketed 278% year on year to $1 billion, or $0.81 per share, and operating income soared 154% to $1.4 billion. Adjusted earnings per share (EPS) rose 13% compared to the second quarter of 2022 to reach a higher-than-expected $0.79.
"While we did face headwinds in the second quarter, particularly within US market share performance, the action plans we laid out in the first quarter resulted in share trend improvement each month. We expect these action plans, along with continued strong execution from our teams, to drive momentum through the second half of the year," CEO Miguel Patricio stated.
Kraft Heinz shares slid 1.06% in premarket trading on mixed results.
