The Kraft Heinz Company (NASDAQ: KHC) today reported financial results for the fourth quarter and full year 2022.
“2022 was an incredible year for Kraft Heinz, delivering strong results and ending the fourth quarter with solid momentum that positions us well for 2023,” said CEO Miguel Patricio. “We continue to see strength driven by our key growth pillars, while at the same time prioritizing investments in our brands and delivering on efficiencies.”
Net sales increased 10% versus the year-ago period to $7.4 billion, including a positive 7.1-percentage-point impact from a 53rd week, a negative 4.6-percentage-point impact from divestitures and acquisitions, and a negative 2.9-percentage-point impact from currency.
Net income increased 447.9% versus the year-ago period to $887 million, primarily driven by non-cash impairment losses in the prior year period, lower interest expense primarily due to debt extinguishment costs in the prior year period, and higher Adjusted EBITDA versus the prior year period. These factors were partially offset by higher tax expense, an accrual related to the previously disclosed securities class action lawsuit, and unfavorable changes in other expense/(income).
“The results were even more impressive considering the difficult operating environment, with record levels of inflation and supply chain disruptions, to which our teams responded with agility,” Patricio concluded.
KHC shares picks up 28 cents to $40.16.
Related Stories
