Kraft Heinz up as FY profit outlook unchanged but demand still soft
** Shares of Kraft Heinz KHC.O up as much as 4.8% at $35.46 - set for best session since February 2022
** The Jell-O maker maintains FY profit growth forecast after beating Q2 EPS estimates
** KHC says consumers turned more cost conscious and it plans to selectively ramp up spend to manage key price points and price gaps
** "We appreciate KHC's more prudent top line outlook and acknowledgment of the need for greater investment to drive volume" - Barclays analyst Andrew Lazar
** Co posts Q2 adj. profit margin up 210 bps to 35.5% owing to savings from co's investments in supply chain and automation efforts
** Adj. EPS of 78 cents, beating LSEG estimates of 74 cents
** Overall volumes fell 3.4 percentage points as demand in U.S. and international markets remains tepid
** Expects FY24 organic net sales to be flat-to-down 2%, from prior forecast of flat-to-2% growth
** Retains annual adj. profit growth forecast in the 1% to 3% range
** Stock down ~6% YTD, including session's moves
Reporting by Savyata Mishra in Bengaluru
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