Kraft Heinz carries past second quarter estimates, raises full-year forecasts
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Consumer staples standby Kraft Heinz (NASDAQ:KHC) notched a beat on top and bottom lines for the second quarter, encouraging the company to raise its guidance for 2022.
For the second quarter, the parent company of Oscar Mayer, Grey Poupon, and more reported non-GAAP EPS of $0.70 and $6.55B in revenue, beating analyst estimates by two cents and $190M, respectively. The company credited a 12.4% increase in prices for buoying results amid a 0.9% decline in net sales.
"We delivered yet another quarter of strong results as we continue to successfully navigate near-term headwinds, enabled by further advancements of our long-term strategy," CEO Miguel Patricio said. "Though the environment remains fluid, we are better able to anticipate dynamic conditions, adapt to this constantly changing environment, and demonstrate our resiliency against new challenges.â
He cited new price increases and efficiency improvements as specific methods by which the company intends to âdemonstrate resilience.â
Moving forward, the company raised expectations for organic net sales to a high-single-digit percentage increase versus the prior year period, as compared to a mid-single-digit percentage increase that was expected prior. Management maintained adjusted EBITDA guidance in the range of $5.8B to $6B. 
Elsewhere, year-to date free cash flow fell to $353M, down 78% versus the prior year period due to âhigher 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 costsâ among other minor impacts.
Shares declined 1.16% shortly before Wednesdayâs market open.
Read more on the details of the quarter.