Kraft Heinz beats by $0.06, misses on revs; guides FY23 EPS above consensus; announces leadership and organizational changes (31.46)
- Reports Q3 (Sep) earnings of $0.72 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $0.66; revenues rose 1.0% year/year to $6.57 bln vs the $6.70 bln FactSet Consensus.
- Co issues upside guidance for FY23, sees EPS of $2.91-2.99, excluding non-recurring items, vs. $2.89 FactSet Consensus. Co expects FY23 organic net sales growth of +4-6%, closer to the lower end of the range at approximately 4%.
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Leadership and Organizational Changes: Co names its new President of the North America Zone, elevated key roles to a global level, and restructured its International Zone. Co says these changes preserve its local agility while leveraging support, expertise, and resources from its scale.
- Pedro Navio has been named EVP & President, North America, and will succeed Carlos Abrams-Rivera who, as previously announced, will serve as the Kraft Heinz CEO. Navio has been with Kraft Heinz since 2017, and is currently President, Taste, Meals, and Away From Home, in North America.
- Co is establishing global leadership teams for its Growth and Omnichannel functions. Investing in these disciplines on a global level provides the structure and support to leverage centralized expertise and resources.
- To further drive international growth, co is dividing its international business into three zones. Recognizing these markets require different sets of strategies and skills, the new structure provides the necessary focus and resources to optimize growth potential.