The Kraft Heinz Company reported financial results for the first quarter of the 2021 fiscal year, showing a year-over-year improvement in both net sales and net income.
The results, which were released on April 29, reflected the quarter that ended on March 27.
The diversified food company – which includes turkey production operations – reported $6.4 billion in net sales, which was a 3.9% increase when compared to the same period of the 2020 fiscal year. In terms of net sales within its United States operations, net sales increased 2.5%.
The company reported a net income attributable to common shareholders at $563 million, a 48.9% increase on a year-over-year basis.
Commenting on the quarterly performance, Kraft Heinz CEO Miguel Patricio said: “Our first quarter was better than expected, with our team delivering strong results on top of exceptional growth last year. Looking forward, we will continue to focus on leveraging our tremendous scale by investing to improve our capabilities and overall agility. As we do, we believe we will come out of this period much stronger, operationally and financially, than we entered.”
While the Kraft Heinz Company’s financial performance improved on a year-over-year basis, the company did scale back its turkey operations during the 2020 calendar year. According to the WATT PoultryUSA Top Companies survey, Kraft Heinz processed 308 million pounds of turkey in 2020, which reflected a 9.41 decrease in production when compared to the 2019 calendar year. The company, which includes the Oscar Mayer line, has projected to further decrease its turkey production in 2021 to about 300 million pounds.
The Kraft Heinz Company ranks sixth among turkey producers headquartered in the United States. It also is the fifth largest food and beverage company in the world. Kraft Heinz formed in 2015 with the merger of the Kraft Foods Group Inc. and the H.J. Heinz Company.