Kraft Heinz backs FY24 adjusted EPS view $3.01-$3.07, consensus $3.03

Backs FY24 organic revenue view flat to up 2%. Backs adjusted operating income view up 2%-4%. Kraft Heinz will present at the 2024 Consumer Analyst Group of New York, or CAGNY, Conference. CEO Carlos Abrams-Rivera and global CFO Andre Maciel will discuss how the company plans to deliver on its goal to generate consistent stockholder returns. As a result, the company has realigned its portfolio around three new platform roles – Accelerate, Protect, and Balance. It expects the Accelerate platforms, which include Taste Elevation, Easy Ready Meals, and Substantial Snacking, to drive outsized growth and plans to prioritize investments in these platforms. The company will further describe these changes in today’s presentation. The company said, ” The Company expects an effective tax rate on Adjusted EPS to be in the range of 20% to 22%. Additionally, the Company expects an unfavorable impact of approximately $45 million within interest expense and other expense/(income) versus the prior year, primarily driven by foreign currency headwinds and debt refinancing that will come at a higher rate. The outlook does not include the possibility of additional share buyback in 2024.”