Kraft Heinz (NASDAQ:KHC) reported on Wednesday first-quarter earnings that met analyst expectations, while revenue came short.
The company’s shares fell 2.8% in premarket trading.
The food giant posted earnings per share (EPS) of $0.69, in line with consensus estimates. Revenue came in at $6.41 billion, slightly under the consensus of $6.43 billion.
Looking ahead to the full year 2024, Kraft Heinz forecasts earnings per share between $3.01 and $3.07, against analysts' expectations of $3.04.
Analysts expect organic net sales growth to range from 0 to 2 percent over the previous year, with positive contributions from pricing and an improvement in volumes expected in the second half of the year.
Adjusted operating income is projected to grow by 2 to 4 percent, with adjusted gross profit margin expected to expand by 50 to 100 basis points, an upward revision from the previous estimate of 25 to 75 basis points.
Kraft Heinz also announced a quarterly dividend of $0.40 per share, annualized to $1.60, with a yield of 4.1 percent.
The dividend is payable on June 28, 2024, to shareholders of record as of June 6, 2024, with an ex-dividend date of June 5, 2024.