The Kraft Heinz Company (NASDAQ:KHC) Q3 2023 Earnings Call Transcript

Robert Moskow: Sorry about that. So, this is kind of a what-if question, and maybe you might not want to ask – answer what-if questions. But we are all watching top line growth kind of decelerate in the U.S., and the U.S. retail is such an important part of your mix. So, I guess my question is, if we are in a scenario where we are kind of in a 0% to 1% kind of sales growth environment next year, just for your categories, what would your philosophy be on an EBITDA basis? Like would you still drive to drop savings to the bottom line to hit the mid-single digit EBITDA, or would a slower top-line environment necessitate a slower EBITDA growth kind of target?

Andre Maciel: Okay. Good morning, Rob, and good to hear back from you. Look, we believe that for us to grow top line in a profitable sustainable way is critical. So, if in an event where industry is zero, I think that doesn’t change the game that we are trying to play. Because I don’t know if you are implying that we will start to go aggressive on promotions to try to get volume through market share in a productive and sustainable way. If that’s what you are asking behind your question, that’s not the game we are going to play. So, I will just say that our strategy continues to be the same, it’s working. And I think we feel that’s heading in the right direction. We don’t want to make a change in direction because of temporary situations in the industry.

Robert Moskow: Okay. Thank you.

Carlos Abrams-Rivera: Thanks Robert.

Operator: Thank you. I would now like to turn the call back over to Carlos Abrams-Rivera for any closing remarks.

Carlos Abrams-Rivera: Thank you. So, before we leave here, I just wanted to acknowledge and take a moment to thank Miguel for all the support and trust that he has shown to me personally and for everything he has done for a company as he has built this tremendous and strong foundation. I can tell you that today, Kraft Heinz is a much stronger company because in 2019, Miguel Patricio put this company on his back and carried it forward. And I am forever grateful for being part of his team as we all work together to transform Kraft Heinz. And as I take over as the next CEO of Kraft Heinz, I am proud of where we have been as a company and even more thrilled about where we are going. And thank you all for joining us today.

Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.