On the money

On the money

Food companies discuss and dissect their latest results.



Soft US cereal, shipping snacks, Australia recovery - five things to learn from Kellogg H1 4 Aug 2017

Second-quarter profits that beat Wall Street forecasts gave Kellogg's shares a boost yesterday (3 August), closing up more than 4% after the US cereal and snacks giant reported its latest set of financial results. Nevertheless, Kellogg revealed continued pressure on its domestic breakfast cereal business and faced plenty of questions about its top line and about the change to the way it distributes its snacks in the US.


How PepsiCo is trying to meet shifting consumer, retail dynamics 13 Jul 2017

Significant changes are taking place in the way food manufacturers interact with their customers and consumers. Retail dynamics are evolving rapidly, with channel shifts, retailer consolidation and the ever growing importance of e-commerce shaking up the sector. Meanwhile, the consumer environment is developing at a faster pace than ever before. just-food looks at how PepsiCo is responding.


Kraft Heinz on M&A strategy, US challenges, UK performance - five things to learn from Q1 results 5 May 2017

Kraft Heinz this week booked first-quarter sales and earnings that were down year-on-year and which missed analyst expectations. The company echoed the downbeat comments of some of its peers about the US and reported issues in Canada. However, Kraft Heinz made some more positive noises about the second quarter, while, in the wake of its failed move for Unilever, it appeared to give some hints about its M&A strategy.


Mondelez on margin growth, North America pressure, Q2 caution - five things to learn from Q1 results 3 May 2017

Shares in Mondelez International, which issued its first-quarter results after the closing bell in New York on Tuesday (2 May), were up in after-hours trading, helped by the Oreo owner beating analyst forecasts on its underlying earnings per share and better-than-expected sales numbers. However, the snacks giant did have some weak spots in the opening three months of 2017, notably North America, and issued some notes of caution about the second quarter. Dean Best sets out what you need to know from the numbers and from Mondelez's outlook.


Danone on "low start", fresh dairy challenges, new organisational structure - four things to learn from Q1 update 25 Apr 2017

Danone's first-quarter update hit its shares - and it is likely the fall in its stock price was only part due to the numbers. The French yogurt maker reported meagre like-for-like sales growth as its challenges in fresh dairy continued. The company upped its forecast for its annual underlying earnings but still its shares declined, with some analysts frustrated at the way Danone plans to report on its new asset, WhiteWave Foods.


Nestle on margins, SE Asia growth, Americas challenge - four things to learn from Q1 update 24 Apr 2017

The rate at which Nestle's organic sales rose in the first quarter of 2017 was the slowest this century but the results, issued on Thursday, were dampened by calendar effects and were a tick above analyst expectations. Dean Best reports on the key takeaways from the figures and from Nestle's discussions on the numbers with analysts.


General Mills sales woes continue - analysis 22 Mar 2017

General Mills this week reported another quarter of falling sales, leading industry watchers to wonder if the US food giant will lessen its focus on its margin target but, more critically, whether the company can revitalise its top line. Hannah Abdulla reports.


Will Kellogg's DSD exit help it grow in US snacks? - analysis 15 Feb 2017

Kellogg's decision to end the direct store delivery (DSD) of its snacks in the US is expected to give the company's profitability some momentum, with the Cheez-It owner saying the move would leave it better placed to grow revenues from that part of its business. However, the Pringles maker faces an uphill challenge to turn around declining sales trends. Katy Askew reports. 


Is Mondelez's margin target hurting sales? – analysis  9 Feb 2017

Mondelez International has delivered a lacklustre set of 2016 numbers but the snacks giant, which has been buffered by a challenging operating environment, stressed it continues to improve adjusted operating margins. With the entrance of 3G Capital into the food sector, margins have become a key metric for a number of the major names in the industry but Mondelez's results left some wondering if a focus on margins can hamper top-line growth. Katy Askew reports.


Hershey's 2016 results and 2017 outlook - 5 things to learn 7 Feb 2017

Hershey's 2016 results and 2017 outlook, issued on Friday (3 February), suggested both a stronger finish to the year than the preceding nine months had suggested and confidence on this year's earnings above that seen on Wall Street. Nevertheless, analysts still had questions on Hershey's earnings expectations, on its performance in China and on its plans for its cost structure. Dean Best reports.


Cloetta defends share in stagnant markets – 6 things to learn  1 Feb 2017

Cloetta, the Swedish snack maker, reported a loss for 2016 this morning (1 February) primarily due to an impairment charge related to its Italian business. Speaking to analysts during a conference call, however, management was upbeat on the progress it has made in strengthening profitability. Cloetta said it hopes to continue to expand its margins over the coming 12 months and revealed that it wants to grow sales – both organically and through M&A – during 2017. Here are the key takeaways from Cloetta's 2016 results.


Unilever's plan to grow in 2017 – 6 things to learn 26 Jan 2017

Unilever delivered sluggish sales but stronger-than-expected margins when it reported its full-year results today (26 January). The company's revenue was buffeted by issues like demonetisation in India and economic crisis in Brazil during the tail-end of 2016. While management believes such headwinds will lead to a slower start to 2017 - an outlook that hit Unilever's shares today - the group does expect things to pick up as the year progresses. just-food take a look at Unilever's strategy for growth this year.


Could Aryzta's profit warning herald change at the top? - analysis 25 Jan 2017

The pressure on Aryzta has grown this week after the Switzerland-based bakery giant issued a surprise profit warning, sending its shares tumbling and sparking speculation about the future of the company's senior management. Dean Best reports.


Kraft Heinz sets out stall to revitalise UK business - analysis 7 Nov 2016

Kraft Heinz's third-quarter results won praise from some on Wall Street but the US food giant still faced questions about its performance in Europe. The company pinpointed the UK as a problem area and outlined its plans to breathe fresh life into its business in the country.


TreeHouse Foods wrestles with former ConAgra Foods' assets – 6 things to learn  4 Nov 2016

TreeHouse Foods lowered its full-year earnings forecast, sending shares in the US own-label supplier tumbling. The company said it was forced to cut its outlook due to a weaker-than-expected performance from the private-label business it acquired from US peer ConAgra Foods earlier this year. just-food takes a look at what has gone wrong – and what action TreeHouse is taking to right itself. 


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