Analysts Remain Bullish on Kraft Heinz Despite Sales Decline: Cost Efficiencies and Future Foodservice Initiatives Boost Optimism
Analysts Remain Bullish on Kraft Heinz Despite Sales Decline: Cost Efficiencies and Future Foodservice Initiatives Boost Optimism
Spillane highlights that total company price contribution for the year is now expected to be flat to slightly positive, while sequential volume improvement in the second half, though not back to positive, is expected.BofA Securities analyst Bryan D. Spillane reiterated the Buy rating on The Kraft Heinz Company (NASDAQ:KHC), raising the price forecast to $40 from $38.
美银证券分析师Bryan D. Spillane重申了对卡夫亨氏公司（NASDAQ:KHC）的买入评级，将价格预测由38美元上调至40美元。
Yesterday, the company reported a second-quarter FY24 sales decline of 3.6% year-on-year to $6.48 billion, missing the analyst consensus estimate of $6.55 billion.
昨天，该公司报告了第二季度FY24的销售额同比下降3.6%至64.8亿美元，未达到分析师共识预期的65.5亿美元。
Sales in North America declined 3.1% Y/Y, and International Developed Markets dropped 5%. Organic net sales slipped 2.4%.
北美销售下降了3.1% YoY，发达国际市场下降了5%。有机净销售额下降了2.4%。
Spillane highlights that total company price contribution for the year is now expected to be flat to slightly positive, while sequential volume improvement in the second half, though not back to positive, is expected.
Spillane指出，全年公司的价格贡献现预计持平或略有增长，第二半年虽不会回到正增长，但有望有连续性的成交量改善。
The analyst models FY24 -1.5% organic sales growth (-2.5% volume and +1% price). Spillane also raised the FY24 EPS estimate to $3.00 from $2.90 and maintained FY25-26 EPS of $3.04 and $3.21.
该分析师预测FY24期有机销售增长为-1.5%（卷烟和零售价格分别降低了2.5%和上涨了1%）。Spillane还将FY24 EPS估计从2.90美元上调至3.00美元，并维持FY25-26 EPS为3.04美元和3.21美元。
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Stifel analyst Matthew E. Smith reiterated the Buy rating on Kraft Heinz with a price forecast of $40.
Stifel分析师Matthew E. Smith重申了对卡夫亨氏的买入评级，并预测其股价目标为40美元。
The lower topline outlook is not surprising given the weaker consumption environment while greater cost efficiencies limit the profit impact and support greater investments to improve revenue growth, the analyst writes.
该分析师在文章中写道，鉴于消费环境的疲弱，营收前景较弱不足为奇，而更大的成本效益可以限制利润影响，并支持更大的投资以改善营收增长。
Smith now estimates a 1% organic sales decline for the year (versus +0.5% previously), over 2.5% operating profit growth (+3% previously), and EPS growth of 2% to $3.04 (inline with previous expectation).
Smith现在预计全年有机销售下滑1%（而不是先前的+0.5%），运营利润增长超过2.5%（而不是先前的+3%），EPS增长2%至3.04美元（符合之前的预期）。
The analyst expects 40bps of expansion in the second half driven by productivity programs as the company laps the benefit of initiatives that began in the second half of 2023.
该分析师预计，由于生产力项目的推动，第二半年有40个基点的扩张，该公司应对措施的收益结果落实到第二半年。
Piper Sandler analyst Michael S. Lavery reiterated the Overweight rating with a price forecast of $41.
派杰投资分析师Michael S. Lavery重申了超重评级，预测其股价目标为41美元。
According to the analyst, Foodservice initiatives can be a catalyst, but not until 2025. KHC upgraded its 'Keystone' counter-top sauce dispensers for restaurants. KHC expects it to drive new, incremental customers as well as replacements from existing customers.
该分析师表示，Foodservice计划可能成为一种催化剂，但要到2025年以后才有可能。KHC升级了其餐厅的“Keystone”台面酱料分配器。预计将带来新的增量客户以及现有客户的替换。
Foodservice growth is slow at the moment (+1.5% excluding planned product exits and its 2Q24 plant closure), but historically has outperformed food at home, the analyst adds.
分析师补充道，目前食品服务行业增长缓慢，（2Q24计划退出产品和工厂关闭除外）增幅为1.5%，但所述行业历史上表现优于家庭食品。
The analyst also projects that Heinz Sauce Wand (launching in 2025) will drive meaningful incremental revenues.
该分析师还预计，Heinz Sauce Wand（将于2025年推出）将带动有意义的增量收入。
Other initiatives like sauce taps and its Remix machines can potentially be additive as well. Lavery raised 2024 EPS from $2.95 to $3.01 and 2025 from $3.14 to $3.20.
其他计划，如酱龙头和其Remix机器也可能具有附加价值。Lavery将2024年EPS从2.95美元上调至3.01美元，2025年从3.14美元上调至3.20美元。
Price Action: KHC shares are trading lower by 0.27% to $35.12 at last check Thursday.
价格行动：截至周四最后交易时，KHC股价下跌了0.27%，报35.12美元。
Photo by ImipolexG via Flickr
Photo by ImipolexG via Flickr
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