Kraft Heinz net income up sharply in second quarter
Parent company of Oscar Mayer and Lunchables continues to improve financial position after merger of Kraft Foods and H.J. Heinz Company
Net income for Kraft Heinz, a diversified food company and turkey processor, rebounded during the second quarter of fiscal year 2016.
For the period ending July 3, Kraft Heinz reported net earnings of $950 million, whereas during the same period of fiscal year 2015, the company, whose brands include Oscar Mayer and Lunchables, on a pro-forma basis would have earned $370 million.
Company improving efficiencies after merger
The conclusion of the quarter came nearly one year after Kraft Foods shareholders approved the sale of the company to the H.J. Heinz Company to form the third largest food and beverage company in North America.
Kraft Heinz CEO Bernardo Hees, in a press release, said the integration process between the two merged companies continues and is playing a role in its financial results.
“By implementing our integration program and improving our performance in the marketplace, we continued to drive results in the second quarter,” said Hees. “However, to sustain our momentum, we must remain focused on profitable growth, innovations to meet consumer needs in a challenging environment, and improving our operations. We're off to a good start, but there is still much work to be done.”
According to the WATTAgNet Top Poultry Companies Database, Kraft Heinz slaughtered 267 million pounds of live turkeys in 2015.