Kraft Heinz(KHC)

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伯克希尔最新季报将卡夫亨氏减值38亿美元,为什么这笔浮盈70多亿美元的投资被巴菲特视为“失败的案例“?
聪明投资者· 2025-08-04 03:34
Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, continues to hold a significant cash position of $344.1 billion and has reported a net sale of $4.5 billion in stocks during the first half of 2025, indicating a cautious investment strategy amidst market volatility [2][3]. Group 1: Financial Performance - Berkshire's operating income decreased by 4% year-on-year, primarily due to a decline in insurance business profits [3]. - The company has not engaged in any stock buybacks despite a more than 10% drop in its stock price from historical highs [3]. - A notable impairment of $3.8 billion was recorded on its investment in Kraft Heinz, reducing its book value to $8.4 billion, reflecting concerns over the intrinsic value of its holdings [3][5]. Group 2: Investment History - In 2013, Berkshire partnered with 3G Capital to privatize Heinz for approximately $23.2 billion, with Berkshire investing $8 billion in preferred shares [8]. - The merger with Kraft Foods in 2015 created Kraft Heinz, making it the fifth-largest food and beverage company globally, with annual revenues of $27 billion [15]. - Post-merger, Berkshire's stake was diluted, but it remained the largest single shareholder with approximately 26.8% of the company [13]. Group 3: Challenges and Reflections - Since 2017, Kraft Heinz has faced stagnation in revenue and profitability, leading to significant impairments, including a $15.4 billion write-down in 2018 [20][21]. - The stock price of Kraft Heinz has declined over 60% since the merger, contrasting sharply with the S&P 500's 200% increase during the same period [25]. - Buffett has acknowledged the overvaluation of Kraft Foods and the negative impact of aggressive cost-cutting strategies on brand vitality [28][29]. Group 4: Financial Analysis - The total investment cost in Heinz and Kraft Heinz is approximately $17.51 billion, with returns from preferred shares and dividends amounting to about $16.38 billion [32][33]. - The current book value of Berkshire's Kraft Heinz shares stands at approximately $8.4 billion, indicating a theoretical profit of around $7.27 billion [34][35]. - If the funds had been invested in the S&P 500 instead, the theoretical returns would exceed $40 billion, highlighting the opportunity cost of the investment [35].
Berkshire takes $3.8 billion Kraft Heinz writedown, profit falls
New York Post· 2025-08-03 19:50
Group 1: Financial Performance - Berkshire Hathaway reported a $3.76 billion writedown on its stake in Kraft Heinz during the second quarter, indicating that the investment has not performed well over the past decade [1][10] - The company experienced a 4% decline in quarterly operating profit, attributed to falling insurance underwriting premiums, leading to a 59% drop in overall net income [1][7] - Second-quarter operating income decreased to $11.16 billion, or approximately $7,760 per Class A share, down from $11.6 billion a year earlier [7] - Net income fell to $12.37 billion from $30.35 billion, while revenue decreased by 1% to $92.52 billion [8] Group 2: Market Outlook and Strategy - Berkshire Hathaway remains cautious about market valuations due to uncertainties surrounding tariffs and broader economic growth [2] - The company has maintained a near-record cash stake of $344.1 billion and has sold more stocks than it has bought for 11 consecutive quarters [4] - Analysts suggest that the lack of new investments and the perception of an overvalued market may hinder Berkshire's performance [5][14] Group 3: Investment and Business Segments - The company’s consumer businesses have faced revenue declines, with Jazwares reporting a 38.5% drop in revenue in the first half of the year [6] - Berkshire's insurance sector saw a 12% quarterly decline in underwriting profit, primarily due to reinsurance businesses [18] - Geico, Berkshire's prominent insurance unit, reported a 2% increase in pre-tax underwriting profit, driven by a 5% rise in premiums [20] Group 4: Leadership Transition - Warren Buffett, who has led Berkshire since 1965, plans to step down at the end of the year, with Vice Chairman Greg Abel set to succeed him [9][13] - Since Buffett's announcement of his departure, Berkshire shares have fallen more than 12%, underperforming the S&P 500 by about 22 percentage points [13][17]
巴菲特“最大失败之一”:账面没了50%!但股神仍是股神,已大赚近60%,发生了什么?
Sou Hu Cai Jing· 2025-08-03 12:51
Core Insights - Warren Buffett's Berkshire Hathaway reported a significant write-down of $3.8 billion on its investment in Kraft Heinz, reducing its book value to $8.4 billion from over $17 billion at the end of 2017, confirming perceptions of investment failure [1][4] - Despite the apparent loss, analysis indicates that Buffett has actually made a profit of nearly 60% on this investment when accounting for dividends received [2][7] Investment Performance - The write-down is attributed to the continuous decline in Kraft Heinz's fair value, with the company's stock price dropping 62% since the merger in 2015, while the S&P 500 has risen by 202% during the same period [4] - Berkshire's total investment in Kraft Heinz reached $9.8 billion, with the current market value of its 27.4% stake at approximately $8.8 billion, plus $6.3 billion in cash dividends received over the years [7][8] Comparison with Other Shareholders - Other shareholders who held Kraft Foods stock since the merger have seen a total return of only 8% over ten years, highlighting Buffett's superior investment terms [8] - If these shareholders had invested in Unilever instead, their capital could have nearly doubled, emphasizing the challenges faced by Kraft Heinz in adapting to consumer trends towards healthier foods [9] Strategic Moves - Berkshire Hathaway has distanced itself from Kraft Heinz, including relinquishing its board seat, which may provide more flexibility for a potential exit from the investment [5][6] - Buffett's ability to secure better terms in investments allows him to mitigate losses, even in what are perceived as significant failures [9]
巴菲特“最大失败之一”:账面没了50%!但股神仍是股神,已大赚近60%,发生了什么?
华尔街见闻· 2025-08-03 11:28
Core Viewpoint - Warren Buffett's investment in Kraft Heinz has seen a significant write-down, but due to favorable terms negotiated by Buffett, the overall outcome remains profitable for him despite the apparent loss [1][4][8]. Group 1: Investment Write-Down - Berkshire Hathaway disclosed a $3.8 billion write-down on its investment in Kraft Heinz, reducing its book value to $8.4 billion from over $17 billion at the end of 2017 [1]. - The write-down reflects a 62% decline in Kraft Heinz's stock price since its merger, contrasting sharply with a 202% increase in the S&P 500 during the same period [4]. - Analysts have described this write-down as one of Buffett's largest mistakes in decades, suggesting it was overdue [5]. Group 2: Overall Investment Performance - Despite the write-down, Buffett's total return on the investment is nearly 60% when accounting for dividends received, totaling approximately $6.3 billion over the years [8]. - Berkshire initially invested $4.3 billion in Heinz and increased its stake to $9.8 billion during the merger, with the current market value of its 27.4% stake at about $8.8 billion [8]. - Buffett also purchased $8 billion in preferred shares, which paid over $2 billion in dividends and were fully redeemed after three years, contributing to his overall profit [8]. Group 3: Comparison with Other Shareholders - Other shareholders who held Kraft Heinz stock since the merger have seen a total return of only 8% over ten years, highlighting Buffett's superior negotiating position [10]. - If those shareholders had invested in Unilever instead, their investment could have nearly doubled, illustrating the challenges faced by Kraft Heinz in a changing consumer landscape [11]. - The merger of two mediocre companies did not yield a strong entity, as Kraft Heinz is now facing a projected 3% revenue decline this year due to shifts towards healthier food options [11].
“近几十年来最大的失误之一”,巴菲特投错了?
Di Yi Cai Jing Zi Xun· 2025-08-03 10:18
2025.08.03 本文字数:2227,阅读时长大约4分钟 作者 |第一财经 高雅 "股神"沃伦·巴菲特执掌的伯克希尔·哈撒韦(Berkshire Hathaway)延续其保守的投资策略,持续减持股 票资产并扩大现金储备。 根据8月2日发布的第二季度财报,该集团已连续第11个季度保持股票净卖出态势,该季度卖出69.2亿美 元股票,买入39亿美元。伯克希尔的现金储备在6月底攀升至3440亿美元的历史新高,较3月底的3330亿 美元继续增长。与此同时,该公司已连续第四个季度暂停股票回购计划。 值得注意的是,本季度伯克希尔对其持有的卡夫亨氏(Kraft Heinz)股份进行了约50亿美元的资产减 记,导致38亿美元的投资损失。 据报道,经营收益一直是巴菲特偏好的业绩指标,因为它剔除了股票投资组合价值的波动。根据卡夫亨 氏7月30日发布的财报,今年第二季度,该公司净销售额下降1.9%,经营收入录得80亿美元亏损。 美国金融公司爱德华·琼斯分析师桑德斯(Kyle Sanders)分析称,这次减记"早就该进行了,可以说他 们几年前就应该采取这一行动"。他还认为:"我认为他们正在为自己未来可能退出这一持股争取更多灵 活性 ...
“近几十年来最大的失误之一”,巴菲特投错了?
第一财经· 2025-08-03 10:07
2025.08. 03 本文字数:2227,阅读时长大约4分钟 作者 | 第一财 经 高雅 "股神"沃伦·巴菲特执掌的伯克希尔·哈撒韦(Berkshire Hathaway)延续其保守的投资策略,持续 减持股票资产并扩大现金储备。 根据8月2日发布的第二季度财报,该集团已连续第11个季度保持股票净卖出态势,该季度卖出69.2 亿美元股票,买入39亿美元。伯克希尔的现金储备在6月底攀升至3440亿美元的历史新高,较3月底 的3330亿美元继续增长。与此同时,该公司已连续第四个季度暂停股票回购计划。 值得注意的是,本季度伯克希尔对其持有的卡夫亨氏(Kraft Heinz)股份进行了约50亿美元的资产 减记,导致38亿美元的投资损失。 今年5月,巴菲特宣布将于年底卸任首席执行官职务,由现任伯克希尔所有非保险业务负责人阿贝尔 (Greg Abel)接任。自该消息公布以来,伯克希尔A类股已累计下跌12%,而同期标普500指数上 涨10%。 "巴菲特近几十年来最大的失误之一" 根据最新财报,伯克希尔将其持有的卡夫亨氏27.4%股份的账面价值从第一季度的135亿美元大幅 下调至84亿美元。这是继2019年30亿美元减记后, ...
巴菲特,“犯错”!
Sou Hu Cai Jing· 2025-08-03 08:38
Core Viewpoint - Berkshire Hathaway has disclosed a significant impairment of $3.8 billion on its investment in Kraft Heinz, reducing its book value to $8.4 billion, a substantial drop from over $17 billion at the end of 2017, indicating a rare setback in Warren Buffett's investment career [1][2]. Group 1: Investment Impairment - Berkshire's second-quarter report revealed a $5 billion pre-tax impairment loss on Kraft Heinz, reflecting a non-temporary decline in the investment's book value compared to its fair value [2]. - The impairment was partly due to the ongoing decline in Kraft Heinz's fair value and limited access to timely financial information, as Berkshire's board representative resigned [2][8]. - As of June 30, 2025, the book value of Berkshire's investment in Kraft Heinz fell below the equity share calculated based on its ownership percentage [2]. Group 2: Strategic Changes at Kraft Heinz - Kraft Heinz is considering a major split or sale of its grocery brands, potentially creating a separate publicly traded entity valued at around $20 billion, which could be one of the largest transactions in the consumer goods sector this year [6][7]. - The planned divestiture includes iconic brands such as Oscar Mayer, Velveeta, and Jell-O, while the remaining company will focus on high-growth and premium product lines [7]. - This strategic move aligns with industry trends where traditional giants are narrowing their focus to develop globally appealing, high-margin brands [7]. Group 3: Berkshire's Financial Performance - In the second quarter of 2025, Berkshire reported revenues of $92.515 billion, a slight decrease from $93.653 billion in the same period last year, with net earnings dropping 59% to $12.370 billion [9][11]. - The company's operating profit fell by 4% year-on-year to $11.16 billion, primarily due to a decline in insurance underwriting performance, although profits in other sectors like railroads and energy showed growth [11]. - Berkshire's cash reserves decreased from $347 billion at the end of March to $344.1 billion, marking the first decline in three years [12].
临近退休的巴菲特遭遇“滑铁卢”! 净利润同比暴跌59%,确认38亿美元减值损失,就特朗普关税影响严厉警告
Sou Hu Cai Jing· 2025-08-03 08:12
Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, reported a significant decline in net profit, down 59% year-over-year, raising concerns about the company's performance and Buffett's impending retirement [1][8]. Financial Performance - In Q2 2025, Berkshire achieved revenue of $92.515 billion, slightly down from $93.653 billion in the same period last year [1]. - Net earnings attributable to Berkshire shareholders were $12.370 billion, compared to $30.348 billion in Q2 2024, marking a 59% drop [4]. - Earnings per share were $8,601, exceeding market expectations of $7,443, but down from $21,122 a year earlier [1]. Investment Activities - Berkshire has been a net seller of stocks for 11 consecutive quarters, and despite a more than 10% decline from its historical stock price peak, the company did not repurchase any shares in the first half of 2025 [1]. - The company's top five holdings include American Express, Apple, Bank of America, Coca-Cola, and Chevron [1]. - As of the end of Q2, Berkshire's cash and cash equivalents stood at $344.1 billion, slightly down from $347.0 billion at the end of Q1 [1]. Impairment and Strategic Moves - Berkshire recognized a $3.8 billion impairment loss on its investment in Kraft Heinz, reducing its book value to $8.4 billion [5]. - The investment in Kraft Heinz has seen a 62% decline in stock price since the merger in 2015, significantly underperforming the S&P 500, which has risen over 200% in the same period [5]. - Berkshire has reduced its involvement in Kraft Heinz's board, signaling a potential exit from daily operations [5]. Market Trends and Challenges - Kraft Heinz is reportedly considering a major split of its grocery business, which could be valued at $20 billion, in response to stagnant growth and changing consumer preferences [6][7]. - The company is facing pressure to adapt to consumer trends favoring fresher and healthier food options [7]. Leadership Transition - Warren Buffett announced plans to retire by the end of the year, recommending Greg Abel as his successor [8]. - Since the announcement of Buffett's retirement, Berkshire's Class A shares have dropped over 12%, underperforming the S&P 500 [8]. Economic and Trade Concerns - Berkshire issued warnings regarding the potential impacts of U.S. trade policies and tariffs on its operations and investments, highlighting significant uncertainties in the current economic environment [10].
“股神”巴菲特投错了?伯克希尔减持卡夫亨氏股票,现金储备仍处于高位
Di Yi Cai Jing· 2025-08-03 07:39
Core Viewpoint - Berkshire Hathaway has adopted a conservative investment strategy, continuing to reduce stock holdings and increase cash reserves, following Warren Buffett's announcement of his retirement as CEO, which has led to a 12% decline in A shares while the S&P 500 rose by 10% [1][2] Group 1: Financial Performance - In Q2, Berkshire sold $6.92 billion worth of stocks while purchasing $3.9 billion, marking the 11th consecutive quarter of net stock selling [1] - Cash reserves reached a record high of $344 billion by the end of June, up from $333 billion at the end of March [1] - The company has suspended stock buybacks for the fourth consecutive quarter [1] - Berkshire reported a 3.8% year-over-year decline in operating profit to $11.2 billion, with core insurance profits down 12% [6] Group 2: Investment in Kraft Heinz - Berkshire significantly reduced the book value of its 27.4% stake in Kraft Heinz from $13.5 billion to $8.4 billion, marking the second write-down since the merger in 2015 [2][3] - The investment in Kraft Heinz has been described as one of Buffett's biggest mistakes, with the stock price down 62% since the merger, while the S&P 500 has increased by 202% during the same period [2][3] - Despite the write-down, Berkshire has received approximately $6.3 billion in dividends from its investment in Kraft Heinz, yielding a return close to 60% on its ordinary stock investment [4][5] Group 3: Market Conditions and Strategy - Berkshire's cautious stance is attributed to limited attractive capital allocation opportunities, as Buffett has indicated difficulty in finding appealing investments [6] - The company has not repurchased any shares in the last four quarters, reflecting a continued wait-and-see approach [6] - The consumer goods sector, particularly impacted by U.S. government tariffs, has faced challenges, with companies like Jazwares reporting a 38.5% revenue decline [7] - Berkshire has warned that geopolitical and macroeconomic uncertainties could affect its performance, particularly regarding international trade policies and tariffs [7]
“股神”巴菲特保持谨慎!连续11个季度抛售股票,遭遇“最大投资失败之一”
Sou Hu Cai Jing· 2025-08-03 02:08
Core Viewpoint - Berkshire Hathaway reported a significant decline in net profit and warned about the uncertainties related to tariffs and international trade policies, which could adversely affect its operations and investment performance [1]. Financial Performance - In Q2, Berkshire achieved revenue of $92.515 billion, down from $93.653 billion year-on-year, but above market expectations of $91.963 billion [1]. - Operating profit was $11.16 billion, a 3.8% decrease year-on-year, attributed to lower underwriting profits from its insurance segment, despite growth in profits from railroads, energy, manufacturing, services, and retail [1]. - Net profit plummeted to $12.37 billion, a 59% drop from $30.348 billion in the same quarter last year, exceeding market expectations of $10.703 billion [1]. - Earnings per share were $8,601, surpassing market expectations of $7,443, but down from $21,122 year-on-year [1]. Investment Strategy - Berkshire's cash reserves decreased by 1% to $344 billion, marking the first decline in three years [1]. - The company continued a cautious approach to the stock market, net selling approximately $3 billion in stocks for the 11th consecutive quarter [1]. - The top five holdings accounted for 67% of the fair value, including American Express, Apple, Bank of America, Coca-Cola, and Chevron [1]. - Berkshire reported stock investment gains of $6.4 billion, but experienced a net loss of $710 million in the first half of the year [1]. Impairment and Future Outlook - Berkshire recorded a $3.8 billion impairment on its investment in Kraft Heinz, reducing its book value from over $17 billion at the end of 2017 to $8.4 billion [2]. - Kraft Heinz's stock has declined by 62% since Berkshire's initial investment, while the S&P 500 has risen by 202% during the same period [2]. - Kraft Heinz is considering splitting some of its business units to address inflation impacts and changing consumer preferences [5]. - Analysts suggest that Berkshire may be preparing to exit this investment, with some viewing the impairment as a significant misstep for Buffett [6].