Kraft Heinz Q1 Earnings Beat Street View - Kraft Heinz (NASDAQ:KHC)

Kraft Heinz Co KHC reported a first-quarter FY22 sales decline of 5.5% year-on-year to $6.04 billion, beating the consensus of $5.83 billion.
Sales in the U.S. fell 8.5% Y/Y, International rose 3.6%, and Canada fell 1.5%.
Gross profit decreased by 12.3% Y/Y to $1.9 billion, with the margin contracting 250 points to 31.9%.
Operating margin for the quarter was 18.4%, and operating income for the quarter rose 2.4% to $1.1 billion.
Adjusted EBITDA fell 15.1% to $1.3 billion.
Adjusted EPS of $0.60 beat the analyst consensus of $0.53.
Kraft Heinz held $2.98 billion in cash and equivalents as of March 26, 2022. Net cash provided by operating activities for the quarter was $486 million.
Outlook: Kraft Heinz raised its FY22 organic net sales outlook to a mid-single-digit percentage (prior view: low-single-digit percentage growth)
It continues to expect FY22 adjusted EBITDA of $5.8 billion - $6.0 billion.
Price Action: KHC shares are trading higher by 1.29% at $42.86 on the last check Wednesday.