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MarketScreener Homepage  >  Equities  >  Nasdaq  >  The Kraft Heinz Company    KHC

THE KRAFT HEINZ COMPANY

(KHC)
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Kraft Heinz : Lowville jobs safe as Kraft Heinz reduces staff worldwide

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08/14/2019 | 06:20pm EDT

Aug. 14--LOWVILLE -- Half of the 400 jobs Kraft Heinz planned to cut as of March 31, as indicated in their Securities and Exchange Commission filing, have already gone but of the 200 remaining none are slated for the north country.

The company has confirmed the layoffs will not impact any of their U.S. facilities including, specifically, their Lowville plant.

These cuts are a continuation of the 1,800 person reduction in the Kraft Heinz "footprint" worldwide, 1,400 of which were made in 2018.

All of the cuts so far have been made primarily in Canada and the Asia Pacific and Europe-Middle East-Africa zones.

"We understand the impact these reductions have on our employees and the communities where we do business," said Kraft Heinz spokesperson Michael Mullen in an email, "As always, we're committed to making sure our employees are treated with the utmost dignity and respect."

The layoffs have required Kraft Heinz to record first-quarter expenses of $27 million.

In the first six months of this year, according to the company's preliminary financial report for the first half of 2019 filed on Aug. 8, Kraft Heinz experienced a 4.8% decline in net sales compared to last year, from about $13 billion to $12.4 billion.

In the U.S., net sales were down by 1.9% from about $8.9 billion to $8.7 billion.

Stock prices have been in decline and, as of writing, down 1.55% from Tuesday's closing price of $25.96 to $25.56 per share, a new 52 week low.

"The level of decline we experienced in the first half of this year is nothing we should find acceptable moving forward," said Kraft Heinz CEO Miguel Patricio. "We have significant work ahead of us to set our strategic priorities and change the trajectory of our business.

According to the company's second-quarter earnings report, the company disclosed $1 billion in impairments relating to an investigation into accounting practices that caused the company to change their financial results statements for 2016 and 2017.

The second quarter report also indicated a 54.6% increase in general corporate expenses based on constant currency adjusted earnings before interest, taxes, depreciation, and amortization.

Kraft Heinz employed 38,000 people globally at the end of 2018, including between 375 and 450 people in the local plant.

It is Lewis County's largest manufacturing employer and second-largest overall.

___

(c)2019 Watertown Daily Times (Watertown, N.Y.)

Visit Watertown Daily Times (Watertown, N.Y.) at www.watertowndailytimes.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials (USD)
Sales 2019 25 238 M
EBIT 2019 4 936 M
Net income 2019 2 232 M
Debt 2019 28 414 M
Yield 2019 6,36%
P/E ratio 2019 12,3x
P/E ratio 2020 9,71x
EV / Sales2019 2,37x
EV / Sales2020 2,30x
Capitalization 31 366 M
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Mean consensus HOLD
Number of Analysts 21
Average target price 30,20  $
Last Close Price 25,71  $
Spread / Highest target 110%
Spread / Average Target 17,5%
Spread / Lowest Target -14,4%
EPS Revisions
Managers
NameTitle
Bernardo Vieira Hees Chief Executive Officer
Alexandre Behring da Costa Chairman
Joao Araujo Head-Global Operations
David H. Knopf Chief Financial Officer & Executive Vice President
Melissa Alves Werneck Senior VP-Global People, Performance & IT
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