Kraft Heinz Q1 results

US food giant The Kraft Heinz Company (NASDAQ: KHC) reported Q1 financial results before the market open on Wall Street on Wednesday. The company topped both revenue and earnings per share (EPS) estimates for the quarter.

Company overview
• Founded: July 2, 2015
• Headquarters: Chicago, Illinois and Pittsburgh, Pennsylvania, United States
• Number of employees: 37,000 (2022)
• Industry: Food
• Key people: Alex Behring (Chairman), John Cahill (Vice chairman), Miguel Patricio (CEO), Paulo Basilio (CFO)

The results
Kraft Heinz reported revenue of $6.489 billion vs. $6.394 billion expected. Revenues were up by 7.3% year-over-year.
EPS reported at $0.68 per share (up by 7.9% year-over-year) vs. estimate of $0.597 per share.
The company also announced a quarterly dividend of $0.40 per share.
CEO commentary
“We delivered strong results in the first quarter of 2023, with net sales growth across both our North America and International zones that continues to be fueled by Foodservice, Emerging Markets, and U.S. Retail GROW platforms,” Kraft Heinz CEO, Miguel Patricio said in a press release.
“I am very proud of the entire Kraft Heinz team as we continue to deliver on what we can control by unlocking efficiencies and reinvesting in our brands and capabilities. Our team’s continued focus on executing against the strategy is coming to fruition, but it’s not time to declare victory just yet. We remain committed to advancing our business transformation, and we are confident we have the right strategy in place to win with customers and consumers, and to deliver profitable growth and create value for our stockholders,” Patricio concluded.

The latest results had a positive impact on the stock. Shares were up by over +4% at $40.95 per share.

Stock performance

• 1 month: +5.28%
• 3 months: +1.33%
• Year-to-date: +0.91%
• 1 year: -5.17%

Kraft Heinz price targets

• JP Morgan: $44
• Mizuho Securities: $50
• Berenberg Bank: $39
• BNP Paribas: $39
• Goldman Sachs: $43

The Kraft Heinz Company is the 318^th largest company in the world with a market cap of $50.46 billion, according to CompaniesMarketCap.

You can trade The Kraft Heinz Company (NASDAQ: KHC) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

Sources: The Kraft Heinz Company, TradingView, MarketWatch, MetaTrader 5, TipRanks, CompaniesMarketCap, Wikipedia, Macrotrends