Kraft Heinz Q2 Revenue $6.48B, EPS $0.78; Hershey Q2 Revenue $2.07B, EPS $1.27, Cuts Guidance Amid Consumer Spending Pullback

Kraft Heinz Company (KHC) reported its second-quarter earnings for 2024, revealing an adjusted earnings per share (EPS) of $0.78, surpassing estimates of $0.74, but representing a 1.3% decline year-over-year. The company's revenue for the quarter was $6.48 billion, slightly below the expected $6.55 billion, marking a 3.6% decrease from the previous year. Additionally, Kraft Heinz has revised its guidance for fiscal year 2024, projecting organic net sales to be down 2% to flat, compared to the previous forecast of flat to up 2%. Adjusted operating income growth is now expected to be between 1% and 3%. Meanwhile, Hershey Company (HSY) also released its Q2 2024 earnings, reporting an adjusted EPS of $1.27, falling short of the expected $1.44, and a revenue of $2.07 billion, below the forecast of $2.30 billion, reflecting a significant 16.7% year-over-year decline. Hershey has also cut its annual guidance, now forecasting revenue growth of approximately 2%, down from a previous range of 2% to 3%. The company cited a challenging operating environment and decreased consumer spending on discretionary items as key factors behind the decline, with CEO Michele Buck noting that the business has been impacted by these trends. Hershey's stock fell by 8% in pre-market trading following the earnings report.