Corporate Profiles - 2024 - 88

COMPANY overview
Kraft Heinz Co.
W
hile innovation remained a priority for The
Kraft Heinz Co. in 2024, the company
encountered headwinds in the first half
of the year as it pursued growth. Reduced Supplemental
Nutrition and Assistance Program benefits
and softness in the company's away-from-home
business weighed on results.
The company has two sides to its innovation
strategy, what the consumers see and what they
do not see. Chicago-based Kraft Heinz said visible
innovation involves the renovation of brands
to improve product quality or add an attribute.
Kraft's Ore-Ida brand, for example, has reduced
sodium across the portfolio and improved crispiness
in the products.
Invisible
innovation
examples
include
Kraft
Heinz's 360Crisp platform, which offers consumers
the same experience of making a grilled cheese
Innovation continues amid 'challenged
consumer environment'
The first product launched under the Kraft
Sauces was Kraft Creamy Sauces. The line features
four aioli sauces in garlic aioli, chipotle aioli, burger
aioli, smoky hickory bacon flavored aioli and Buffalo-style
mayonnaise dressing, and a salad dressing.
Carlos Abrams-Rivera, chief executive officer of
Kraft Heinz Co., said the business' weaker-thanexpected
second-quarter results reflected a " challenged
consumer environment " that was " worse
than we anticipated. "
" These dynamics are now expected to continue
for longer, which has led to a delayed recovery for
growth across the industry, " he said in prepared
remarks issued July 31. " As a result, we are now expecting
a more gradual top-line improvement from
the second quarter into the back half of the year. "
Kraft Heinz Co.'s net income for the period endChief
executive officer -
Carlos Abrams-Rivera
sandwich in the microwave as they can get using a
stovetop. Other invisible innovations include Kraft's
joint venture with TheNotCompany, Inc. (NotCo.)
using NotCo's artificial intelligence platform to
create plant-based products. Plant-based macaroni
and cheese, called Kraft NotMac & Cheese
launched in late 2023.
Kraft Heinz also rebranded its various sauces,
dressings and spreads into the newly formed Kraft
Sauces portfolio in 2024. Kraft Sauces debuted the
company's first logo change in 10 years alongside
updated packaging designs.
88 \ October 2024
ed June 29 was $102 million, a significant decline
from the second quarter of fiscal 2023 when the
company earned $1 billion.
A goodwill impairment charge of $854 million in
the company's Meat & Cheese business pressured
results and was attributed to the recent restructuring
of Kraft Heinz's business units.
As a result of the weak quarter, management
lowered its organic net sales guidance for the rest
of the year from zero to 2% growth to zero to
negative 2%.
Kraft named Pedro Navio as its executive vice
president of Kraft Heinz and president North America,
succeeding Abrams-Rivera, who became CEO
on Jan. 1, replacing Miguel Patricio.
PepsiCo's former chief marketing officer Todd
Kaplan also joined Kraft Heinz Co.'s leadership
team as CMO in August. Kaplan succeeded Diana
Frost, who was elevated to Kraft Heinz's global
chief growth officer in November 2023. As CMO,
Kaplan will elevate creativity, build modern marketing
capabilities, oversee the North American
Growth Office that includes all media, digital, the
company's content studio and lead joint ventures
with NotCo and Just Spices.
Boosting the company's sustainability efforts,
Kraft Heinz will receive $170 million from the US
Department of Energy to support clean energy
projects at 10 US plants. CP
Kraft Heinz Co. net income
in millions
2023
$2,855
2022
$2,363
2021
$1,012
Source: Kraft Heinz Co.
Kraft Heinz Co. net sales
in millions
2023
$26,640
2022
$26,485
2021
$26,042
Source: Kraft Heinz Co.
Kraft Heinz Co. share price
Sept. 4, 2024 = $36.07
$27
$30
$33
$36
$39
HIGH =
April 29, 2024 = $37.77
LOW =
Oct. 12, 2023 = $29.43
Sept. Nov.
2023
Jan.
2024
March M Julyay
Source: New York Stock Exchange
BUSINESS WIRE
Sept.
Milling & Baking News * Food Business News * Baking & Snack * Meat+Poultry * Dairy Processing * Pet Food Processing
Corporate Profiles

Corporate Profiles - 2024

Table of Contents for the Digital Edition of Corporate Profiles - 2024