Kraft Heinz Non-GAAP EPS of $0.70 beats by $0.02, revenue of $6.55B beats by $190M
Kraft Heinz press release (NASDAQ:KHC): Q2 Non-GAAP EPS of $0.70  beats by $0.02.
Revenue of $6.55B (-1.1% Y/Y)  beats by $190M.
Year-to-date net cash provided by operating activities was $788 million, down 61.2 percent versus the year-ago period, primarily driven by higher cash tax payments on divestitures in 2022 related to the Cheese Transaction, higher cash outflows for inventories primarily related to stock rebuilding and increased input costs, and lower Adjusted EBITDA. These impacts were partially offset by lower cash outflows for interest primarily due to prior year reduction of long-term debt, and lower cash outflows for variable compensation in 2022 compared to 2021. Year-to date Free Cash Flow
was $353 million, down 78.0 percent versus the comparable prior year period due to the same drivers of net cash provided by operating activities.


Outlook: The Company continues to expect strong financial performance in 2022. The Company is raising expectations for 2022 Organic Net Sales
to a high-single-digit percentage increase versus the prior year period, as compared to previous expectations of a mid-single-digit percentage increase, reflecting strong performance to date and ongoing business momentum. The Company continues to expect 2022 Adjusted EBITDA(2) to be in the range of $5.8 billion to $6.0 billion, with a 45 percent to 55 percent third quarter to fourth quarter split. This full year Adjusted EBITDA outlook reflects a 53rd week in 2022, an increase in foreign currency headwinds based on current exchange rates, the impact of divestitures versus the prior year, strong Organic Net Sales, as well as the Company's ongoing efforts to manage inflationary pressures, including unlocking gross efficiencies, as it continues to invest in long-term growth.
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