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Kraft Heinz (KHC) +5% as food price hike powers Q4 beats
Kraft Heinz (KHC) is the latest company to reveal that price rises for its products have offset costs and driven Q4 beats as its shares rose 5% in midweek.
Kraft Heinz (KHC) said that its “strategic transformation” powered the food company to Q4 beats in an upbeat report published on Wednesday that sent its shares 5% higher on the Nasdaq.
A familiar theme during the latest earnings season has been businesses revealing that they have leveraged their pricing power to offset rising internal costs and bring in solid returns overall.
Kraft Heinz is the latest to have benefited from this move after it delivered $0.79 earnings per share for the quarter to 31st December, which is a small 1.25% drop from a year ago but 16 cents up on the Wall Street forecasts.
The 3.8% rise in prices for its food products also helped revenue to reach $6.7bn, which is a 2.9% decline but firmly ahead of the $6.61bn consensus.
Kraft Heinz followed up by guiding for “low-single-digit” growth in sales for 2022 and adjusted earnings that will top out at $6bn.
CEO Miguel Patricio hailed the “outstanding performance” in a statement and said that the Q4 beats were a testament to the firm’s ability to scale and remain agile in a challenging environment.
He added: “We are generating efficiencies to fuel incremental investments in our business, which, along with successful pricing, are mitigating inflationary pressures.”
Patricio concluded that Kraft Heinz is in a great place to build on the momentum shown in recent months throughout the rest of the year.
The latest report and comments from management were well received by investors as Kraft Heinz shares advanced 5.25% on Wednesday
By the afternoon, KHC was being bought and sold for $36.50, which is on the upside of its 52-week low of $32.78, but down on its 52-week high of $44.95.
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