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Name | Symbol | Market | Type |
---|---|---|---|
Kraft Heinz Company | NASDAQ:KHC | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.22 | -0.60% | 36.50 | 33.30 | 42.00 | 36.75 | 36.205 | 36.69 | 7,102,857 | 05:00:14 |
Delaware
|
|
46-2078182
|
(State or other jurisdiction of incorporation)
|
|
(IRS Employer Identification No.)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol
|
Name of exchange on which registered
|
Common stock, $0.01 par value
|
KHC
|
The NASDAQ Stock Market LLC
|
|
Net Income/(Loss) as Previously Reported or Furnished
(a)
|
|
Estimate of Misstatements (Unaudited)
|
|
Net Income/(Loss) as Restated (Unaudited)
|
|
% Change
|
|||||||
2016 as Reported
|
$
|
3,642
|
|
|
$
|
(20
|
)
|
|
$
|
3,622
|
|
|
(0.5
|
)%
|
2017 as Reported
|
10,990
|
|
|
(69
|
)
|
|
10,921
|
|
|
(0.6
|
)%
|
|||
2018 as Furnished
|
(10,292
|
)
|
|
27
|
|
|
(10,265
|
)
|
|
0.3
|
%
|
(a)
|
Fiscal 2016 and 2017 values are as reported in the Company’s 2017 Annual Report on Form 10-K filed on February 16, 2018. Fiscal 2018 values are unaudited and as furnished in the Earnings Release issued on February 21, 2019.
|
|
Adjusted EBITDA as Previously Reported or Furnished
(b)
|
|
Estimate of Misstatements (Unaudited)
|
|
Adjusted EBITDA as Restated (Unaudited)
|
|
% Change
|
|||||||
2016 as Reported
|
$
|
7,778
|
|
|
$
|
(54
|
)
|
|
$
|
7,724
|
|
|
(0.7
|
)%
|
2017 as Reported
|
7,930
|
|
|
(120
|
)
|
|
7,810
|
|
|
(1.5
|
)%
|
|||
2018 as Furnished
|
7,084
|
|
|
(70
|
)
|
|
7,014
|
|
|
(1.0
|
)%
|
(b)
|
Fiscal 2016 and 2017 values are as reported in the Company’s 2017 Annual Report on Form 10-K filed on February 16, 2018. Fiscal 2018 values are unaudited and as furnished in the Earnings Release issued on February 21, 2019. Fiscal 2016 and 2017 as reported did not originally reflect the adoption of ASU 2017-07 related to the presentation of net periodic benefit cost (pension and postretirement cost), which was applied retrospectively for statement of income presentation of service cost components and other net periodic benefit cost components and will be recast in the Company’s 2018 Annual Report Form 10-K. The retrospective application is expected to reduce Adjusted EBITDA by approximately $125 million in fiscal 2016 and $160 million in fiscal 2017.
|
|
Diluted EPS as Previously Reported or Furnished
(c)
|
|
Estimate of Misstatements (Unaudited)
|
|
Diluted EPS as Restated (Unaudited)
|
|
% Change
|
|||||||
2016 as Reported
|
$
|
2.81
|
|
|
$
|
(0.01
|
)
|
|
$
|
2.80
|
|
|
(0.4
|
)%
|
2017 as Reported
|
8.95
|
|
|
(0.05
|
)
|
|
8.90
|
|
|
(0.6
|
)%
|
|||
2018 as Furnished
|
(8.39
|
)
|
|
0.02
|
|
|
(8.37
|
)
|
|
0.2
|
%
|
(c)
|
Fiscal 2016 and 2017 values are as reported in the Company’s 2017 Annual Report on Form 10-K filed on February 16, 2018. Fiscal 2018 values are unaudited and as furnished in the Earnings Release issued on February 21, 2019.
|
|
Adjusted EPS as Previously Reported or Furnished
(d)
|
|
Estimate of Misstatements (Unaudited)
|
|
Adjusted EPS as Restated (Unaudited)
|
|
% Change
|
|||||||
2016 as Reported
|
$
|
3.33
|
|
|
$
|
(0.01
|
)
|
|
$
|
3.32
|
|
|
(0.3
|
)%
|
2017 as Reported
|
3.55
|
|
|
(0.06
|
)
|
|
3.49
|
|
|
(1.7
|
)%
|
|||
2018 as Furnished
|
3.53
|
|
|
(0.03
|
)
|
|
3.50
|
|
|
(0.8
|
)%
|
(d)
|
Fiscal 2016 and 2017 values are as reported in the Company’s 2017 Annual Report on Form 10-K filed on February 16, 2018. Fiscal 2018 values are unaudited and as furnished in the Earnings Release issued on February 21, 2019.
|
|
December 29,
2018 |
|
December 30,
2017 |
|
December 31,
2016 |
||||||
|
(in millions)
|
||||||||||
Net income/(loss)
|
$
|
(10,292
|
)
|
|
$
|
10,990
|
|
|
$
|
3,642
|
|
Interest expense
|
1,288
|
|
|
1,234
|
|
|
1,134
|
|
|||
Other expense/(income), net
|
(183
|
)
|
|
9
|
|
|
(15
|
)
|
|||
Provision for/(benefit from) income taxes
|
(1,006
|
)
|
|
(5,460
|
)
|
|
1,381
|
|
|||
Operating income/(loss)
|
(10,193
|
)
|
|
6,773
|
|
|
6,142
|
|
|||
Depreciation and amortization (excluding integration and restructuring expenses)
|
950
|
|
|
583
|
|
|
536
|
|
|||
Integration and restructuring expenses
|
296
|
|
|
457
|
|
|
1,012
|
|
|||
Deal costs
|
23
|
|
|
—
|
|
|
30
|
|
|||
Unrealized losses/(gains) on commodity hedges
|
21
|
|
|
19
|
|
|
(38
|
)
|
|||
Impairment losses
|
15,939
|
|
|
49
|
|
|
53
|
|
|||
Losses/(gains) on sale of business
|
15
|
|
|
—
|
|
|
—
|
|
|||
Nonmonetary currency devaluation
|
—
|
|
|
—
|
|
|
4
|
|
|||
Equity award compensation expense (excluding integration and restructuring expenses)
|
33
|
|
|
49
|
|
|
39
|
|
|||
Adjusted EBITDA
|
$
|
7,084
|
|
|
$
|
7,930
|
|
|
$
|
7,778
|
|
|
December 29,
2018 |
|
December 30,
2017 |
|
December 31,
2016 |
||||||
|
(in millions)
|
||||||||||
Adjustments that impact net income/(loss)
|
$
|
27
|
|
|
$
|
(69
|
)
|
|
$
|
(20
|
)
|
Adjustments to interest expense
|
(4
|
)
|
|
—
|
|
|
—
|
|
|||
Adjustments to other expense/(income), net
|
1
|
|
|
—
|
|
|
8
|
|
|||
Adjustments to provision for/(benefit from) income taxes
|
(59
|
)
|
|
(25
|
)
|
|
(38
|
)
|
|||
Adjustments to operating income/(loss)
|
(35
|
)
|
|
(94
|
)
|
|
(50
|
)
|
|||
Adjustments to depreciation and amortization (excluding integration and restructuring expenses)
|
(32
|
)
|
|
(3
|
)
|
|
(22
|
)
|
|||
Adjustments to integration and restructuring expenses
|
—
|
|
|
(23
|
)
|
|
—
|
|
|||
Adjustments to deal costs
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustments to unrealized losses/(gains) on commodity hedges
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustments to impairment losses
|
(3
|
)
|
|
—
|
|
|
18
|
|
|||
Adjustments to losses/(gains) on sale of business
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustments nonmonetary currency devaluation
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustments to equity award compensation expense (excluding integration and restructuring expenses)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total adjustments to Adjusted EBITDA
|
$
|
(70
|
)
|
|
$
|
(120
|
)
|
|
$
|
(54
|
)
|
|
December 29,
2018 |
|
(As Restated) December 30,
2017 |
|
(As Restated) December 31,
2016 |
||||||
|
(in millions)
|
||||||||||
Net income/(loss)
|
$
|
(10,265
|
)
|
|
$
|
10,921
|
|
|
$
|
3,622
|
|
Interest expense
|
1,284
|
|
|
1,234
|
|
|
1,134
|
|
|||
Other expense/(income), net
|
(182
|
)
|
|
9
|
|
|
(7
|
)
|
|||
Provision for/(benefit from) income taxes
|
(1,065
|
)
|
|
(5,485
|
)
|
|
1,343
|
|
|||
Operating income/(loss)
|
(10,228
|
)
|
|
6,679
|
|
|
6,092
|
|
|||
Depreciation and amortization (excluding integration and restructuring expenses)
|
918
|
|
|
580
|
|
|
514
|
|
|||
Integration and restructuring expenses
|
296
|
|
|
434
|
|
|
1,012
|
|
|||
Deal costs
|
23
|
|
|
—
|
|
|
30
|
|
|||
Unrealized losses/(gains) on commodity hedges
|
21
|
|
|
19
|
|
|
(38
|
)
|
|||
Impairment losses
|
15,936
|
|
|
49
|
|
|
71
|
|
|||
Losses/(gains) on sale of business
|
15
|
|
|
—
|
|
|
—
|
|
|||
Nonmonetary currency devaluation
|
—
|
|
|
—
|
|
|
4
|
|
|||
Equity award compensation expense (excluding integration and restructuring expenses)
|
33
|
|
|
49
|
|
|
39
|
|
|||
Adjusted EBITDA
|
$
|
7,014
|
|
|
$
|
7,810
|
|
|
$
|
7,724
|
|
|
December 29,
2018 |
|
December 30,
2017 |
|
December 31,
2016 |
||||||
Diluted EPS
|
$
|
(8.39
|
)
|
|
$
|
8.95
|
|
|
$
|
2.81
|
|
Integration and restructuring expenses
|
0.33
|
|
|
0.26
|
|
|
0.57
|
|
|||
Deal costs
|
0.02
|
|
|
—
|
|
|
0.02
|
|
|||
Unrealized losses/(gains) on commodity hedges
|
0.01
|
|
|
0.01
|
|
|
(0.02
|
)
|
|||
Impairment losses
|
11.34
|
|
|
0.03
|
|
|
0.03
|
|
|||
Losses/(gains) on sale of business
|
0.01
|
|
|
—
|
|
|
—
|
|
|||
Other losses/(gains) related to acquisitions and divestitures
|
0.02
|
|
|
—
|
|
|
—
|
|
|||
Nonmonetary currency devaluation
|
0.12
|
|
|
0.03
|
|
|
0.02
|
|
|||
Preferred dividend adjustment
|
—
|
|
|
—
|
|
|
(0.10
|
)
|
|||
U.S. Tax Reform discrete income tax expense/(benefit)
|
0.07
|
|
|
(5.73
|
)
|
|
—
|
|
|||
Adjusted EPS
|
$
|
3.53
|
|
|
$
|
3.55
|
|
|
$
|
3.33
|
|
|
December 29,
2018 |
|
December 30,
2017 |
|
December 31,
2016 |
||||||
Adjustments that impact diluted EPS
|
$
|
0.02
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.01
|
)
|
Adjustments to integration and restructuring expenses
|
(0.01
|
)
|
|
(0.02
|
)
|
|
—
|
|
|||
Adjustments to deal costs
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|||
Adjustments to unrealized losses/(gains) on commodity hedges
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustments to impairment losses
|
(0.06
|
)
|
|
—
|
|
|
0.01
|
|
|||
Adjustments to losses/(gains) on sale of business
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustments to other losses/(gains) related to acquisitions and divestitures
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustments to nonmonetary currency devaluation
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustments to deferred dividend adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustments to U.S. Tax Reform discrete income tax expense/(benefit)
|
0.02
|
|
|
0.01
|
|
|
—
|
|
|||
Total adjustments to Adjusted EPS
|
$
|
(0.03
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.01
|
)
|
|
December 29,
2018 |
|
(As Restated) December 30,
2017 |
|
(As Restated) December 31,
2016 |
||||||
Diluted EPS
|
$
|
(8.37
|
)
|
|
$
|
8.90
|
|
|
$
|
2.80
|
|
Integration and restructuring expenses
|
0.32
|
|
|
0.24
|
|
|
0.57
|
|
|||
Deal costs
|
0.02
|
|
|
—
|
|
|
0.01
|
|
|||
Unrealized losses/(gains) on commodity hedges
|
0.01
|
|
|
0.01
|
|
|
(0.02
|
)
|
|||
Impairment losses
|
11.28
|
|
|
0.03
|
|
|
0.04
|
|
|||
Losses/(gains) on sale of business
|
0.01
|
|
|
—
|
|
|
—
|
|
|||
Other losses/(gains) related to acquisitions and divestitures
|
0.02
|
|
|
—
|
|
|
—
|
|
|||
Nonmonetary currency devaluation
|
0.12
|
|
|
0.03
|
|
|
0.02
|
|
|||
Preferred dividend adjustment
|
—
|
|
|
—
|
|
|
(0.10
|
)
|
|||
U.S. Tax Reform discrete income tax expense/(benefit)
|
0.09
|
|
|
(5.72
|
)
|
|
—
|
|
|||
Adjusted EPS
|
$
|
3.50
|
|
|
$
|
3.49
|
|
|
$
|
3.32
|
|
|
The Kraft Heinz Company
|
|
|
|
|
Date: May 6, 2019
|
By:
|
/s/ David H. Knopf
|
|
|
David H. Knopf
|
|
|
Executive Vice President and Chief Financial Officer
|
1 Year Kraft Heinz Chart |
1 Month Kraft Heinz Chart |
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