Kraft Heinz, a diversified food and beverage company that ranks as the sixth largest turkey producer in the United States, concluded its 2020 fiscal year with a sharp decline in net income, but an increase in net sales.
For the fourth quarter, Kraft Heinz saw both an increase in net income and net sales.
The company’s fiscal year concluded on December 26, and its financial results were released on February 11.
For the quarter, net sales rose 6.2% to $6.94 billion, while its net income rose from $182 million for the fourth quarter of fiscal year 2019 to $1.03 billion for the most recent quarter. For the full year, net sales jumped from $24.98 billion in fiscal year 2019 to $26.19 for the 2020 fiscal year. Net income for fiscal year 2019 dropped from $1.93 billion in 2019 to $361 million in 2020.
“Our people’s unwavering commitment during this pandemic has been remarkable, and through it, our organization has rediscovered its agility. This has accelerated our transformation and led to the strong performance we are reporting today,” Kraft Heinz CEO Miguel Patricio said in a press release. “We set our multi-year transformation plan this time last year. We exceeded that plan in 2020. We are increasingly confident that we will again exceed that plan in 2021. We have started the new year with our new operating model fully in place. We have momentum at our back. We are well-prepared to meet the uncertainties of this dynamic environment, as well as the challenges facing the consumers we serve.”
Kraft Heinz released its 2020 financial results on the same day it announced that it was divesting of its Planters business. The company reached a deal to sell the nut business to Hormel Foods, also a diversified company with a strong presence in the turkey industry.
According to the WATTPoultry.com Top Companies Database, Kraft Heinz slaughtered an estimated 308 million pounds of live turkeys in 2020.
