Kraft Heinz posts Q4 revenue at $6.5B, down 5% YoY

Thursday, 13. February 2020 13:13

Kraft Heinz Co.'s revenue in the fourth quarter of fiscal 2019 fell 5% on an annual basis to $6.5 billion, the company said on Thursday. Organic net sales decreased 2% compared to the prior year, while pricing increased 2% in the same period.

Operating income and net income both grew from negative territory to stand at $594 million and $182 million respectively. Diluted earnings per share were at $0.15, an increase from last year's loss of $10.30.

"We have taken critical actions over the past six months to re-establish visibility and control over the business. And we remain convinced Kraft Heinz has the potential to achieve best-in-class financial performance as we begin transforming our capabilities and making necessary investments in our brands based on deep consumer insights. Our turnaround will take time, but we expect to make significant progress in 2020, laying a strong foundation for future growth," CEO Miguel Patricio said.

Related Links: Kraft Heinz Company
Author:
Breaking the News / MD