Kraft Heinz reports Q2 EPS 79c, consensus 76c

Reports Q2 revenue $6.7B, consensus $6.81B. Gross profit margin increased 337 basis points to 33.6%; Adjusted Gross Profit Margin increased 180 basis points to 33.3%. “We delivered strong second quarter results, growing net sales, profits and profitability. This is consistent with our strategy to accelerate profitable growth,” said Kraft Heinz CEO and Chair of the Board Miguel Patricio. “We grew across each of our three pillars: Foodservice, Emerging Markets, and U.S. Retail Grow Platforms. Importantly, we grew profits while also investing in marketing, research & development, and technology, which we funded through gross efficiencies.” “While we did face headwinds in the second quarter, particularly within U.S. market share performance, the action plans we laid out in the first quarter resulted in share trend improvement each month. We expect these action plans, along with continued strong execution from our teams, to drive momentum through the second half of the year. Overall, our results give me confidence in the direction we are headed. As a result, we are reiterating our full-year outlook.”