The Kraft Heinz Company saw its net income rise 37.5% for the first quarter of fiscal year 2022, despite a 5.5% decrease in net sales. Both comparisons are on a year-over-year basis.
The quarter ended on March 26, while the company released the results of the quarter on April 27.
During the most recent quarter Kraft Heinz saw its net income leap to $781 million from the $568 million recorded one year ago.
The company’s net sales declined from $6.4 billion to $6.0 billion. Net sales for the United States dropped 8.5%, while net sales for Canada dropped 1.5%. However, the company’s international division saw a net sales increase of 3.6%.
"Our first quarter was a strong start to the year and yet another period where our team rose to mitigate new and different macro environment challenges," said Kraft Heinz CEO Miguel Patricio, who was recently appointed to also serve as the chairman of the Kraft Heinz board. "We continue to build critical capabilities, greater corporate agility, and additional financial flexibility to address short-term turmoil while building our long-term advantage. We still have work to do, more opportunity ahead, and we remain confident in our ability to deliver our plan for the year as well as our long-term growth strategy."
Kraft Heinz earlier announced its intent to combine its U.S. and Canada businesses to create the North America Zone, which is expected to be effective in the second fiscal quarter of 2022. The move is meant to advance the global food and beverage leader’s long-term, sustainable growth plans by bringing increased agility to its innovation agenda, operations, and go-to-market approach.
Kraft Heinz, a diversified international food company, is the sixth largest turkey producer in the United States, according to the WATTPoultry.com Top Companies survey, having slaughtered 308 million pounds of turkeys during the past year.
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The Kraft Heinz Company (KHC), commonly known as Kraft Heinz, is an American multinational food company formed by the merger of Kraft Foods and Heinz co-headquartered in Chicago and Pittsburgh.[5][6] Kraft Heinz is the third-largest food and beverage company in North America and the fifth-largest in the world with over $26.0 billion in annual sales as of 2020.[7][8] Kraft Heinz co-headquarters at the Aon Center in the Chicago Loop[1] Traded as
Chicago, Illinois and Pittsburgh, Pennsylvania
,U.S.
Area served
WorldwideKey people
- Alex Behring (Chairman)
- John Cahill (Vice chairman)
- Miguel Patricio (CEO)
- Paulo Basilio (CFO)
Convenience foods
Snack foods
FoodserviceRevenue
Operating income
Net income
- Berkshire Hathaway (26.6%)
- 3G Capital (15.1%)[2]
Number of employees
38,757[3] (2020)DivisionsKraft FoodsHeinzWebsitekraftheinzcompany.comFootnotes / references
[4]
In addition to Kraft and Heinz, over 20 other brands are part of the company's profile including Boca Burger, Gevalia, Grey Poupon, Oscar Mayer, Philadelphia Cream Cheese, Primal Kitchen, and Wattie's, eight of which have total individual sales of over $1 billion.[9] Kraft Heinz ranked 114th in the 2018 Fortune 500 list of the largest United States corporations based on 2017 total revenue.[10]
Fltr: James Lewis Kraft (1874–1953) and Henry John Heinz (1844–1919), the founding fathers of the companies that merged into today's The Kraft Heinz Company
The merger of Kraft Foods and H.J. Heinz was agreed to by the boards of both companies, with approval by shareholders and regulatory authorities in early 2015.[11][12] The new Kraft Heinz Company became the world's fifth-largest food and beverage company[13] and the third-largest in the United States.[11][14] The Kraft Heinz co-headquarters are in Chicago at the Aon Center and in Pittsburgh at PPG Place, with other offices across the United States, Canada, South America, Europe, Asia, and Australia.[15] The merger was completed on July 2, 2015.[16]
The merger in 2015 did not immediately affect the naming rights to Heinz Field in Pittsburgh PA, home of the Pittsburgh Steelers.[17] In July 2022 reports leaked that the company did not renew the rights, which Heinz initially acquired in 2001.[18]
On February 17, 2017, it was reported that Kraft Heinz Co. had made a $143 billion approach to take over the British-Dutch multinational Unilever, a significantly larger competitor with 126,000 more employees and £24bn larger revenue than Kraft Heinz.[19] Unilever declined the initial proposal.[20] The takeover was subsequently abandoned on February 19 soon after UK Prime Minister Theresa May had ordered a scrutiny of the deal.[19]
On October 19, 2017, Kraft Heinz announced that it was acquiring Cerebos Pacific, including the Saxa salt, Gregg's, and Bisto brands, from Suntory.[21] On March 9, 2018, New Zealand's Commerce Commission approved the purchase, on the condition that they sell the licenses for Gregg's brand of sauces and the F. Whitlock Worcestershire sauce brand due to competition concerns.[22]
In May 2018, Kraft Heinz launched Springboard Brands, a business focused on growing organic, natural, and "super-premium" food brands.[23][24] Later that year, it was announced Kraft Heinz would acquire the Primal Kitchen brand as part of the company's Springboard Incubator.[25] The $200 million deal was completed in early 2019 and was expected to generate $50 million in new annual revenue.
In July 2018, Kraft Heinz announced it was committing to make all of its global packaging recyclable, reusable or compostable by 2025.[26]
On October 24, 2018, Kraft Heinz announced that it was selling its Indian nutritional beverage assets, including Complan and energy drink Glucon-D to Zydus Wellness.[27] The sale was completed on January 30, 2019.[28]
In April 2019, it was announced Miguel Patricio, former Chief Marketing Officer of InBev would replace Bernardo Hees as CEO of Kraft Heinz.[29] Patricio took position of CEO in late June 2019 and Alex Behring remained chairman of the company.[30] Later that year, Paulo Basilio returned to his role at Chief Financial Officer and Corrado Azzarita assumed the position of Chief Information Officer.[31][32]
In June 2019, Kraft Heinz reached a milestone in achieving a 100 percent Corporate Equality Index score from the Human Rights Campaign.[33] The score recognized the company for its LGBTQ inclusion efforts and becoming a leader in the area among food CPG companies. On July 2, 2019, Kraft Heinz sold its Canadian natural cheese business, including the Cracker Barrel, P’tit Quebec and aMOOza! brands to Parmalat for C$1.62 billion.[34]
In September 2020, Kraft Heinz reached a deal to sell part of its cheese business to French multinational dairy products corporation Lactalis for $3.2 billion.[35][36] The sale included the Breakstone's, Knudsen, Polly-O, Athenos, Hoffman's, and Cracker Barrel cheese brands for the United States, and Cheez Whiz outside of North America.[37] Kraft Heinz then partnered with Lactalis to manufacture Kraft and Velveeta cheeses. On November 10, 2021, the U.S. Justice Department approved the acquisition on the condition that they divest the Athenos and Polly-O businesses.[38] The sale was completed on November 29.[39] The divestiture of Athenos to Emmi Roth was completed on December 1,[40] while the divestiture of Polly-O to BelGioiso was completed on December 3.[41]
On September 15, 2020, Kraft Heinz announced its new Strategic Transformation Plan including a new company purpose, "Let’s Make Life Delicious" and an all new vision, "To sustainably grow by delighting more consumers globally."[42] The next day Kraft Heinz also released its updated 2020 Environmental Social Governance (ESG) report with goals to make 100% of Kraft Heinz product packaging recyclable, reusable, or compostable by 2025 and plans to sustainably source 100 percent of Heinz Ketchup tomatoes by 2025.[43][44]
On February 11, 2021, Kraft Heinz announced its Q4 2020 and full year results resulting in 6.2 percent increased sales and over $26 billion in revenue.[45] The same day, Kraft Heinz announced their plans to sell its nuts business, including the Planters brand to Hormel for $3.35 billion.[46] The transaction was completed on June 7.[47]
In September 2021, Kraft Heinz announced that Hemmer, a Brazilian company focused on condiments and sauces, was being acquired for an undisclosed amount.[48] This acquisition follows the recent agreement with Assan Foods – a Turkish company focused on sauces – belonging to Kibar Holding, for approximately $100 million.[49]
On January 19 2022, Kraft Heinz announced that it had completed its acquisition of an 85% stake in Germany-based Just Spices GmbH. Launched in 2014, Just Spices is a start-up with annual sales of approximately €60 million. Its 170-plus product portfolio includes spice blends, salad dressings, easy-to-prepare “In Minutes” blends, and organic offerings for diverse meal occasions ranging from breakfast and light snacks to salads and baking, with a broad range of savory, sweet, classic, and exotic flavors. The proposed deal was first announced on Dec. 10, 2021.[50]
As of 2021, in addition to both Kraft and Heinz, many more global brands are included in the Kraft Heinz portfolio:[51]
- A.1. Sauce
- ABC
- Amoy
- Aproten
- Baker's Chocolate
- Bénédicta
- Boca Burger
- Breakstone's
- Brinta
- Capri Sun
- Classico
- Claussen pickles
- Corn Nuts
- Cracker Barrel (cheese brand)
- Crystal Light
- Daddies
- De Ruijter
- Greenseas
- Grey Poupon
- Golden Circle
- Hemmer
- Honig
- HP Sauce
- Jell-O
- Karvan Cévitam
- Kool-Aid
- Lea & Perrins
- Lunchables
- Master Soy Sauce
- Maxwell House
- Mio
- Miracle Whip
- Mr. Yoshida's
- Nancy's
- Ore Ida
- Original Juice Co.
- Orlando
- Oscar Mayer
- P3
- Philadelphia Cream Cheese
- Plasmon
- Primal Kitchen
- Pudliszki
- PurePet
- Quero
- Roosvicee
- Shake 'n Bake
- Smart Ones
- Sure-Jeil
- Tassimo
- Twisted Ranch
- Velveeta
- Venz
- Wattie's
- Weight Watchers
- Wijko
- Wyler's
For the fiscal year 2017, Kraft Heinz reported earnings of US$11.0 billion, with an annual revenue of US$26.2 billion, a decline of 0.6% over the previous fiscal cycle. Kraft Heinz's shares traded at over $61 per share, and its market capitalization was valued at over US$136 billion in September 2018.[52]
In February 2019, shares in Kraft Heinz fell to a record low of under $35, after the company reported a $10.2bn loss for the previous year as the company announced that it would take a $15.4 billion write-down of its Kraft and Oscar Mayer brands, cut its dividend, and acknowledged that the U.S. Securities and Exchange Commission had opened a probe into its accounting practices.[53] In August 2019, Kraft Heinz announced a further $1.22 billion in write-downs,[54] as well as the return of its former CFO, Paulo Basilio, who held the position until 2017, to replace David Knopf, saying that it wanted a "seasoned veteran" following a series of accounting errors.[55] In September 2021, Kraft Heinz was fined $62m to settle the U.S. Securities and Exchange Commission probe into its improper claim of $200m in cost savings.[56][57]
In September 2020, Kraft Heinz announced its new enterprise strategy including plans to cut $2 billion in costs over five years resulting in an estimated generation of 4% to 6% adjusted earnings per share growth.[58] The announcement resulted in multiple stock upgrades by CFRA and Guggenheim due to the renewed positive financial outlook of the company.[59]
| 2010 | 17,797 | 3,534 | ||
| 2011 | 18,576 | 1,775 | ||
| 2012 | 18,271 | 1,637 | ||
| 2013 | 11,529 | 1,013 | ||
| 2014 | 10,922 | −63 | ||
| 2015 | 18,338 | −266 | 77.01 | 42,000 |
| 2016 | 26,487 | 3,452 | 81.91 | 41,000 |
| 2017 | 26,232 | 10,999 | 61.75 | 39,000 |
| 2018 | 26,300 | −10,200 | ||
| 2019 | 24,977 | 1,935 | ||
| 2020 | 26,185 | 1,032 | 34.66 | 38,757 |
On February 21, 2019, Kraft Heinz reported that they received a Securities and Exchange Commission (SEC) subponea in October that aimed to look into the company's accounting policies and internal controls.[60] Kraft Heinz also announced that they slashed their dividend from 62.5 cents a share to 40 cents.[60] The company also announced a goodwill impairment charge that wrote down the value of the company's Kraft and Oscar Mayer brands of $15.4 billion in the fourth quarter, which resulted in a net loss of $12.61 billion.[61] The all-resulting news made the company's stock crash more than 20% in after-hours trading.[61] The stock plunge resulted in Berkshire Hathaway, the largest stockowner, a write down of $3 billion and a stock value loss of $4.3 billion just a day before Berkshire Hathaway's quarterly earnings and annual report to investors.[62][63]
- Companies portal
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- ^ Tascarella, Patty (June 7, 2021). "Planters packs a punch as Kraft Heinz pockets $3.35B in cash from sale of nuts business". www.bizjournals.com. Retrieved June 12, 2021.
- ^ "Kraft Heinz Enters Into Agreement to Acquire Brazilian Food Company Hemmer | The Kraft Heinz Company". ir.kraftheinzcompany.com. Retrieved September 30, 2021.
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Page 2
3G Capital is a Brazilian-American multibillion-dollar investment firm,[1][2][3] founded in 2004 by Alex Behring, Jorge Paulo Lemann, Carlos Alberto Sicupira, Marcel Herrmann Telles and Roberto Thompson Motta.[4] Key people Number of employees The firm is best known for implementing zero-based budgeting at its portfolio companies: Anheuser-Busch InBev, Restaurant Brands International (Burger King, Tim Hortons, and Popeyes Louisiana Kitchen), Kraft Heinz as well as partnering with Berkshire Hathaway for its acquisitions.[5][6][7][8] In 2010, the company acquired Burger King for $3.3 billion, and subsequently took the company private. The deal was announced in September 2010, and was finalized in November.[9] Shareholders received $24.00 per share in cash.[9] Under new management, Burger King introduced a reworked menu and marketing strategies.[10] In June 2012, Burger King was once again listed as a publicly traded company through a $1.4 billion deal with Justice Holdings. Despite the relisting, 3G Capital retained a 71% stake of the company.[10] In December 2014, the Canadian government approved the purchase of Tim Hortons by 3G Capital for $12.5 billion. The acquisition merged Burger King with Tim Hortons as Restaurant Brands International.[11] On 25 March 2015, it was announced that 3G Capital was in "advanced talks" to buy Kraft Foods for $40 billion, and merge it with Heinz to form the world's fifth largest food company.[12][13] Heinz was being advised in the transaction by Lazard and Kraft by Centerview Partners.[14] In 2019 the firm submitted bids for ThyssenKrupp AG, but stepped out the negotiations,[15] ThyssenKrupp Elevator Technology unit was bought by a consortium for €17.2 billion.[16][17] In September 2021, Kraft Heinz announced that Hemmer, a Brazilian company focused on condiments and sauces, was being acquired for an undisclosed amount.[18] This acquisition follows the recent agreement with Assan Foods – a Turkey company focused on sauces – belonging to Kibar Holding, for approximately $100 million.[19] On December 30, 2021, 3G Capital entered into a definitive agreement to acquire 75% of interest in Hunter Douglas, a global market leader in window coverings and a major manufacturer of architectural products.[20] The deal was completed on February 25, 2022, for approximately US$ 7.1 billion.[21] 3G Capital has offices in Rio de Janeiro and New York City and the firm is run by managing partner Alex Behring in New York.[22][23]
New York City
Alex Behring
(Managing partner)
Bernardo HeesProductsbeer (AB InBev), food products (Kraft Heinz), restaurants (Burger King et others), department stores (Lojas Americanas), architectural and window coverings products (Hunter Douglas), online retail (B2W)
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