Kraft Heinz reported Q3 2024 results, with net sales down 2.8% to $6.4B and organic net sales declining 2.2%. Operating income plummeted 115.5% to a $101M loss due to $1.4B in non-cash impairment charges, primarily on the Lunchables brand and Continental Europe goodwill. Adjusted operating income rose 1.4% to $1.3B.Diluted EPS fell to $(0.24) from $0.21 last year, while adjusted EPS increased 4.2% to $0.75. Year-to-date free cash flow grew 9.7% to $2.0B. The company narrowed its full-year 2024 outlook, now expecting organic net sales, adjusted operating income, and adjusted EPS growth at the low end of previous guidance ranges.CEO Carlos Abrams-Rivera noted continued momentum in Global Away From Home and Emerging Markets segments, but expects a more prolonged recovery in U.S. Retail. The company remains focused on driving profitable growth, generating strong cash flow, and returning capital to shareholders, having repurchased $538M in shares year-to-date.

Kraft Heinz reported Q3 2024 results, with net sales down 2.8% to $6.4B and organic net sales declining 2.2%. Operating income plummeted 115.5% to a $101M loss due to $1.4B in non-cash impairment charges, primarily on the Lunchables brand and Continental Europe goodwill. Adjusted operating income rose 1.4% to $1.3B.Diluted EPS fell to $(0.24) from $0.21 last year, while adjusted EPS increased 4.2% to $0.75. Year-to-date free cash flow grew 9.7% to $2.0B. The company narrowed its full-year 2024 outlook, now expecting organic net sales, adjusted operating income, and adjusted EPS growth at the low end of previous guidance ranges.CEO Carlos Abrams-Rivera noted continued momentum in Global Away From Home and Emerging Markets segments, but expects a more prolonged recovery in U.S. Retail. The company remains focused on driving profitable growth, generating strong cash flow, and returning capital to shareholders, having repurchased $538M in shares year-to-date.