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$KHC's volume/mix for 3Q16 slid 0.3 percentage points, on lower shipments across several categories, particularly cold cuts, foodservice and nuts in U.S. This was partially offset by growth driven by innovation in Lunchables and macaroni and cheese portfolio, as well as gains in coffee in U.S. and growth in condiments and sauces globally.
During 3Q17, $KHC promoted Nina Barton, the Head of U.S. Market, Innovation and R&D, to President of Global Online and Digital Growth Initiatives, reporting directly to the CEO Bernardo Hees. The company also promoted Michelle St. Jacques to Head of Brands and R&D.
Food company $KHC reported 12% rise in its 3Q17 profit, help by cost savings and improved net sales performance. Net income during the quarter rose to $944MM, or $0.77 per share, compared to $842MM, or $0.69 per share during 3Q16. Adj. EPS was $0.83. Revenue rose marginally by 1% YoY to $6.3Bil during the quarter. Organic net sales rose by 0.3%.
During 2Q17, $KHC’s US net sales were down 1.2% to $4.6Bil. Pricing fell 0.4% primarily due to price increases in cheese. Canada net sales fell 6.4% to $597MM and Europe net sales dropped 4.9% to $595MM while Rest of World net sales grew 1.6% to $851MM.
Food and beverage company $KHC reported 50% jump in its 2Q17 profit. This increase was mainly due to lower Integration Program and restructuring costs. Net income rose to $1.2Bil, or $0.94 share, compared to $770MM, or $0.63 per share during 2Q16. Net sales fell 2% to $6.7Bil. Excluding items, $KHC earned $0.98 per share, up 15%.
During 1Q17, $KHC’s US net sales were down 3.5% versus 1Q16. Pricing increased 0.7% primarily due to price increases in cheese. Volume/mix decreased 4.2% from a combination of consumption weakness across categories. Canada net sales fell 12.2% and Europe net sales dropped 6.8% while Rest of World net sales grew 7.5%.
$KHC reported a slight decrease in 1Q17 earnings. Net income was $893MM or $0.73 per share compared to $896MM or $0.73 per share in 1Q16. Net sales were $6.4Bil, down 3.1% versus the year-ago period, including an unfavorable 0.4% impact from currency. Organic net sales decreased 2.7% versus last year.
$KHC is expected to pay down $2Bil of debt in July and will be holding of share repurchase at least July 2017. The company targets $1.7Bil in cumulative Integration Program savings by end of 2017, net of inflation and business investments in North America.
In 4Q16, $KHC’s United States net sales were $4.8Bil, down 3.1% versus 4Q15. Canada net sales were $617MM, down 2.4% versus the year-ago period. Europe net sales were $600MM, down 13.3% and Rest of World net sales were $801MM, down 0.7% versus the year-ago period.
$KHC reported an increase in 4Q16 results. Net income was $944MM or $0.77 per share compared to $285MM or $0.23 per share in 4Q15. Net sales were $6.9Bil, down 3.7% versus the year-ago period, including a negative 4.6% impact from a 53rd week of shipments in 2015 and an unfavorable 0.7% impact from currency.
$KHC asked its shareholders to reject an unsolicited “mini-tender” offer by TRC Capital Corp to purchase up to 1.5MM shares representing approx. 0.12% of the company. TRC’s offer price of $77.75 per share is below the closing price of $KHC’s common stock on Nov. 11, 2016, the last trading day before the commencement of the offer, the company said.