Despite slower sales, Kraft Heinz saw a meaningful turnaround in net income for the second quarter of fiscal year 2022.
The company reported a net income of $265 million for the three-month period ending June 25, compared to a loss of $25 million for the second quarter of fiscal year 2021.
Company-wide, the net sales for the quarter were $6.6 billion, which was a year-over-year decline of 0.9%. For the company’s North American business segment, which includes its turkey operations, net sales were $5.04 billion, which was a drop of 3.1%.
"We delivered yet another quarter of strong results as we continue to successfully navigate near-term headwinds, enabled by further advancements of our long-term strategy," Kraft Heinz CEO and Chair of the Board Miguel Patricio said in a press release. "Though the environment remains fluid, we are better able to anticipate dynamic conditions, adapt to this constantly changing environment, and demonstrate our resiliency against new challenges. We are anticipating and adapting to changing market conditions while managing inflation through pricing realization and gross efficiencies. I am very proud of the Kraft Heinz team because, despite all of the challenges, employees across the organization continue to do a tremendous job."
Kraft Heinz, which is the parent company of Oscar Mayer, is the sixth largest turkey producer in the United States. According to the WATTPoultry.com Top Companies Database, the company slaughtered 308 pounds of live turkeys in 2021. Shares for the company trade on the Nasdaq stock exchange under the ticker KHC.
