- Kraft Heinz Co (NASDAQ:KHC) reported a second-quarter FY22 sales decline of 0.9% year-on-year to $6.55 billion, beating the consensus of $6.39 billion.
- Sales in North America fell 3.1% Y/Y, and International rose 7.2%.
- Gross profit decreased by 13.4% Y/Y to $1.9 billion, with the margin contracting 430 points to 30.3%.
- Operating margin for the quarter was 8.3%, and the operating income decreased 56.2% Y/Y to $542 million.
- Adjusted EBITDA fell 10.9% to $1.5 billion.
- Adjusted EPS of $0.70 beat the analyst consensus of $0.68.
- Kraft Heinz held $1.5 billion in cash and equivalents as of June 25, 2022. Net cash provided by operating activities for six months decreased 61.2% to $788 million.
- Outlook: Kraft Heinz raised expectations for 2022 Organic net sales to a high-single-digit percentage increase versus the prior year (previous view mid-single-digit percentage growth).
- It continues to expect FY22 adjusted EBITDA of $5.8 billion – $6.0 billion.
- Price Action: KHC shares are trading lower by 0.62% at $38.40 in premarket on the last check Wednesday.
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SEC Green Lights Public Listing Of Texas Cannabis Co. That Will Use AI In Clinical Trials
Cannabis Bioscience, a Houston-based clinical research company, has announced plans to conduct cannabis clinical trials using artificial intelligence (AI) programs. The company aims to optimize the research processes and promote the use of cannabinoid therapies as a first option for patients. Proceeds from a stock offering by selling shareholders will be used to fund these trials.
