Shares of Kraft Heinz Co (NASDAQ:KHC) ended Wednesday session in red amid volatile trading. The shares closed down -0.10 points or -0.11% at $87.14 with 3,072,897 shares getting traded. Post opening the session at $88.46, the shares hit an intraday low of $87.00 and an intraday high of $88.46 and the price vacillated in this range throughout the day. The company has a market cap of $104.60 billion and the numbers of outstanding shares have been calculated to be 1.22 billion shares.
Kraft Heinz Co (KHC) reported second quarter 2016 financial results.
Net sales were $6.8 billion, down 4.7 percent versus pro forma net sales for the year-ago period, due to a negative 4.0 percentage point impact from currency and a negative 0.2 percentage point impact from divestitures. Organic Net Sales decreased 0.5 percent versus the year-ago period. Pricing increased 1.6 percentage points driven by the United States, Rest of World and Canada, despite deflation in key commodities in the United States and Canada, primarily in dairy and coffee. Volume/mix decreased 2.1 percentage points primarily due to lower shipments in several categories, particularly meats and foodservice in the United States, that was partially offset by growth from innovation in Lunchables and P3 in the United States as well as gains in condiments and sauces globally.
“By implementing our integration program and improving our performance in the marketplace, we continued to drive results in the second quarter,” said Kraft Heinz CEO Bernardo Hees. “However, to sustain our momentum, we must remain focused on profitable growth, innovations to meet consumer needs in a challenging environment, and improving our operations. We’re off to a good start, but there is still much work to be done.”
Shares of Philip Morris International Inc. (NYSE:PM) ended Wednesday session in green amid volatile trading. The shares closed up +0.59 points or 0.62% at $96.09 with 4,133,941 shares getting traded. Post opening the session at $95.54, the shares hit an intraday low of $95.40 and an intraday high of $96.43 and the price vacillated in this range throughout the day. The company has a market cap of $147.94 billion and the numbers of outstanding shares have been calculated to be 1.55 billion shares.
Philip Morris International Inc. (PM) inaugurated its first manufacturing facility for large scale production of two heated tobacco alternatives to cigarettes. The announcement was made at an event at the factory in the presence of the Italian Prime Minister Matteo Renzi. The initial annual production capacity of the factory will be approximately 30 billion units.
“Our ambition is to lead a full-scale effort to ensure that non-combustible products ultimately replace cigarettes to the benefit of adult smokers, society, our company and our shareholders. This factory is a milestone in our roadmap toward this paradigm shift,” said André Calantzopoulos, PMI’s Chief Executive Officer. “This investment underscores our strong commitment to Italy and in particular to the Bologna region, which is not only home to one of our most technologically advanced filter factories located in Zola Predosa, but which also offers great infrastructure and, most importantly, access to exceptional human talent.”
Representing an anticipated investment of approximately EUR 500 million, this state-of-the-art facility currently employs over 300 people and, when fully operational, may employ up to 600. PMI affiliates in Italy already employ over 1000 people. The pre-existing pilot plant will gradually become a training center to continue to develop PMI’s manufacturing know-how and serve as a knowledge-hub for other PMI manufacturing facilities.