Kraft Heinz beats by $0.04, beats on revs :
- Reports Q4 (Dec) earnings of $0.91 per share, $0.04 better than the Capital IQ Consensus of $0.87; revenues fell 3.7% year/year to $6.86 bln vs the $6.76 bln Capital IQ Consensus.
- Organic Net Sales increased 1.6 percent versus the year-ago period. Pricing decreased 0.1 percentage points as price increases to offset input cost inflation in Rest of World markets, primarily in Latin America, as well as gains in the United States were more than offset by the timing of promotional activities versus the prior year in Canada. Volume/mix increased 1.7 percentage points with positive contributions from all business segments.
- "Looking forward, our objectives and opportunities are clear. But we need to sharpen our focus on profitable sales, and further improve our capabilities and execution to deliver another year of strong, sustainable growth in 2017."
- The Company now expects its multi-year Integration Program to deliver $1.7 billion in cumulative, pre-tax savings by the end of 2017, up from $1.5 billion previously. The program is now forecast to result in $2.0 billion of pre-tax costs, up from $1.9 billion previously, and $1.3 billion of capital expenditures, up from $1.1 billion previously.
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