The Kraft Heinz Company (NASDAQ:KHC) Q4 2023 Summary Earnings Conference Call February 14, 2024 8:00 AM ET
Company Participants
Anne-Marie Megela - Head of Global Investor Relations
Carlos Abrams-Rivera - Chief Executive Officer
Andre Maciel - Executive Vice President and Global Chief Financial Officer
Conference Call Participants
Anne-Marie Megela
Hello. This is Anne-Marie Megela, Head of Global Investor Relations at The Kraft Heinz Company. I’d like to welcome you to our Fourth Quarter and Full Year 2023 Business Update.
During the following remarks, we will make forward-looking statements regarding our expectations for the future, including related to our business plans and expectations, strategy, efforts and investments, and related timing and expected impacts. These statements are based on how we see things today, and actual results may differ materially due to risks and uncertainties.
Please see the cautionary statements and risk factors contained in today’s earnings release, which accompanies these remarks, as well as our most recent 10-K, 10-Q, and 8-K filings for more information regarding these risks and uncertainties.
Additionally, we will refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP. Please refer to today’s earnings release and the non-GAAP information available on our website at ir.kraftheinzcompany.com, under News & Events, for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures.
Today, our Chief Executive Officer, Carlos Abrams-Rivera, will provide an update on our overall business performance. And Andre Maciel, our Global Chief Financial Officer, will provide a financial review of the fourth quarter and full year, and will discuss our 2024 outlook.
We have also scheduled a separate, live question-and-answer session with analysts. You can access our earnings release, supplemental materials, and audio of our question-and-answer session at ir.kraftheinzcompany.com. A replay of the question-and-answer session will be available following the event through the same website.
With that, I will turn it over to Carlos.
Carlos Abrams-Rivera
Thank you, Anne-Marie and thank you all for joining us today. I am very proud of our 2023 results and accomplishments. None of this would have been possible without the incredible team here at Kraft Heinz.
We delivered results above our long-term algorithm, driving full year organic net sales growth of 3.4% while improving both share and volume trends. We unlocked nearly $700 million in gross efficiencies, contributing to adjusted gross profit margin expansion of approximately 240 basis points and enabling reinvestment in SG&A, primarily across marketing, R&D, and technology. And we did this without losing sight of our financial discipline.