Kraft Heinz Reiterated 2024 Organic Net Sales Growth of 0%-2%, Adj EPS of $3.01-$3.07 Vs $3.03 Est

Author: Benzinga Newsdesk | February 21, 2024 08:41am

2024 Outlook

As announced in its fourth quarter and full year 2023 earnings, the Company reiterates its expectation to deliver:

• Organic Net Sales(1) growth of 0% to 2% versus the prior year. The Company expects a positive contribution from price throughout the year, with volumes inflecting positive in the second half of the year.
• Adjusted Operating Income(1) growth of 2% to 4% versus the prior year. Adjusted Gross Profit Margin(1) is expected to expand modestly, in the range of 25 to 75 basis points versus the prior year.
• Adjusted EPS(1) growth of 1% to 3% versus the prior year, or in the range of $3.01 to $3.07. The Company expects an effective tax rate on Adjusted EPS to be in the range of 20% to 22%. Additionally, the Company expects an unfavorable impact of approximately $45 million within interest expense and other expense/(income) versus the prior year, primarily driven by foreign currency headwinds and debt refinancing that will come at a higher rate. The outlook does not include the possibility of additional share buyback in 2024.

Posted In: KHC