Kraft Heinz backs FY23 adjusted EPS view $2.67-$2.75, consensus $2.73

The company said, "As announced in the fourth quarter and full year 2022 earnings, the Company will reiterate its expectation to deliver 2023 Organic Net Sales(1)(2) growth of 4% to 6% versus 2022. Constant Currency Adjusted EBITDA(1)(2) growth from 2022 to 2023 is still expected to range between 2% to 4%, or 4% to 6% when excluding the impact from the 53rd week in 2022. The Company continues to anticipate high single-digit inflation for the year, with pricing and gross efficiencies contributing to Adjusted Gross Profit Margin(1)(2) recovery. Adjusted Gross Profit Margin expansion is still expected to fund incremental investments across technology, marketing, and people. Adjusted EPS(1)(2) is still expected to be $2.67 to $2.75, which includes approximately a $0.04 negative impact from expected unfavorable changes in non-cash pension and post-retirement benefits, and a $0.04 currency headwind at current foreign exchange rates. The expected 2023 year-over-year Adjusted EPS performance reflects a negative $0.06 impact from lapping the 53rd week in 2022. The Company now expects Free Cash Flow Conversion(1)(2) to be approximately 80% in 2023."