- Kraft Heinz Co (NASDAQ:KHC) reported fourth-quarter FY22 sales growth of 10% year-on-year to $7.38 billion, beating the consensus of $7.26 billion.
- Sales in North America rose 9.1% Y/Y, and International climbed 13.1%.
- Gross profit increased by 9.3% Y/Y to $2.36 billion, with the margin contracting 20 points to 32%.
- Operating margin for the quarter was 16.6%, and the operating income for the quarter was $1.2 billion versus a loss of $(20) million last year.
- Adjusted EBITDA rose 8.6% to $1.7 billion.
- Adjusted EPS of $0.85 beat the analyst consensus of $0.78.
- Kraft Heinz held $1.04 billion in cash and equivalents as of Dec. 31, 2022. Net cash provided by operating activities for the year totaled $2.5 billion.
- Outlook: Kraft Heinz sees FY23 organic net sales growth of 4% – 6%.
- The company expects FY23 adjusted EPS of $2.67 – $2.75 versus the consensus of $2.77.
- Price Action: KHC shares are trading higher by 0.14% at $39.94 on the last check Wednesday.
Cannabis Life Sciences Announces Amendments To Convertible Debentures And Underlying Warrants
CLS Holdings USA, Inc. (OTCQB: CLSH) (CSE:CLSH), a diversified cannabis company operating as Cannabis Life Sciences, announced that following receipt of the requisite approval of debenture holders and the Canadian Securities Exchange, it has amended the terms of its outstanding $13.2
