The Kraft Heinz Co. (Nasdaq: KHC) reported financial results for the fourth-quarter and full-year 2020. Earnings per share (EPS) was up 11.11% year over year to $0.80, which beat the estimate of $0.74. Other final quarter and annual highlights are:
- Q4 net sales increased 6.2%; organic net sales increased 6%.
- Q4 gross profit increased 19.7%.
- Q4 operating income increased 160.7%, net income attributable to common shareholders increased 467.5%, and diluted EPS increased 460%.
- Adjusted EBITDA increased 14.3% and adjusted EPS increased 11.1%.
- For Q1 2021, the company expects flat-to-positive organic net sales growth, low-single-digit constant currency adjusted EBITDA growth despite an exceptionally strong Q1 last year.
- Annual revenue was almost $6.94 billion, higher by 6.2% from the same period last year.
“We set our multiyear transformation plan this time last year. We exceeded that plan in 2020,” said chief executive Miguel Patricio. “We are increasingly confident that we will again exceed that plan in 2021. We have started the new year with our new operating model fully in place. We have momentum at our back. We are well-prepared to meet the uncertainties of this dynamic environment, as well as the challenges facing the consumers we serve.”
Click here to see Kraft Heinz Co.’s full press release and consolidated statements of income.
