Kraft Heinz Reports First Quarter 2024 Results; Reaffirms Full Year Outlook.

First Quarter Highlights

* Net sales decreased 1.2%; Organic Net Sales(1) decreased 0.5%

* Gross profit margin increased 240 basis points to 35.0%; Adjusted Gross Profit Margin(1) increased 170 basis points to 34.5%

* Operating Income increased 4.7%; Adjusted Operating Income(1) increased 1.7%

* Diluted EPS was $0.66, down 2.9%; Adjusted EPS(1) was $0.69, up 1.5%

PITTSBURGH & CHICAGO- The Kraft Heinz Company (Nasdaq: KHC) ('Kraft Heinz' or the 'Company') today reported financial results for the first quarter of 2024.

'I'm pleased that our strategic focus on unlocking end-to-end efficiencies and reinvesting in the business to drive sales growth continues to pay off,' said Kraft Heinz CEO Carlos Abrams-Rivera. 'Our first quarter results were in line with our expectations, with growth across each of our three strategic pillars - Global Away From Home, Emerging Markets, and North America Retail ACCELERATE Platforms - and continued sequential volume recovery. At the same time, we increased year-over-year operating income in the quarter.'

'Our Agile@Scale methodology continues to fuel reinvestment in the business, helping to deliver against our gross efficiency target. These reinvestments are powering innovation, brand superiority, disruptive marketing, sales excellence, and further productivity to drive growth.'

Abrams-Rivera continued, 'As a result, we are reiterating our outlook for 2024 and remain confident in our ability to drive profitable growth.'

Net Sales: See details at:

https://news.kraftheinzcompany.com/press-releases-details/2024/Kraft-Heinz-Reports-First-Quarter-2024-Results/default.aspx

Alex Abraham (media)

Alex.Abraham@kraftheinz.com

Anne-Marie Megela (investors)

anne-marie.megela@kraftheinz.com

(C) 2024 Electronic News Publishing, source ENP Newswire