The Kraft Heinz Company, parent company of Oscar Mayer and Lunchables,on February 15 reported financial results for the fourth quarter of fiscal year 2016 that reflected significant gains from cost savings, the redemption of preferred stock and lower taxes versus the prior year period.

The quarter and fiscal year ended on December 31.

The company reported that its operating income increased 22.8 percent to $1.58 billion for the fourth quarter, while its net income attributable to common shareholders increased 231.2 percent to $944 million. Those improvements came in spite of a 3.7 percent decrease in net sales.

 “We finished 2016 consistent with our expectations and with good momentum heading into 2017,” said Kraft Heinz CEO Bernardo Hees. “Looking forward, our objectives and opportunities are clear. But we need to sharpen our focus on profitable sales, and further improve our capabilities and execution to deliver another year of strong, sustainable growth in 2017.”

The past fiscal year was the first full year for Kraft Heinz as a combined company. In July 2015, Kraft Foods shareholders approved the sale of the company to the H.J. Heinz Company.

According to the WATTAgNet Top Poultry Companies Database, Kraft Heinz slaughtered 267 million pounds of live turkeys in 2015.