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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.