Bloomberg Intelligence
Bloomberg Intelligence: Oil Merger, U.S Earnings
Feb 16, 2024
Vincent Piazza discusses Diamondback Energy's agreement to buy Endeavor Energy. Lindsay Dutch talks Hasbro earnings. Geetha Ranganathan joins to discuss Paramount's job cuts. Woo Jin Ho breaks down Cisco's earnings. Jennifer Bartashus discusses Kraft earnings. Christopher Ciolino discusses Deere earnings.
37:15
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Quick takeaways
- Kraft Heinz's negative organic sales growth is attributed to reduced consumer stockpiling and the need for optimizing their portfolio.
- Deere's better-than-expected earnings are overshadowed by a multi-year downturn in the agricultural equipment industry and declining used equipment prices.
Deep dives
Kraft Heinz reports negative organic sales growth due to lower volumes
Kraft Heinz reported negative organic sales growth for the first time since 2020. The decline was primarily driven by lower volumes, which outweighed price increases. The company's portfolio remains strong, but consumers are currently purchasing on a need basis rather than stockpiling, leading to reduced sales. Kraft Heinz expects prices to slowly decrease and plans to optimize their portfolio to drive growth. Mondelēz, with lower price increases and better volume performance, is an example of a company positioned well in the current market.
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