Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Kraft Foods Group Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2015-03-28), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-27), 10-Q (reporting date: 2014-06-28), 10-Q (reporting date: 2014-03-29), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-28), 10-Q (reporting date: 2013-06-29), 10-Q (reporting date: 2013-03-30), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-30), 10-12B/A (reporting date: 2012-06-30), 10-12B/A (reporting date: 2012-03-31).
Net revenues demonstrate a consistent seasonal pattern, with peak performance typically occurring in the second quarter of each fiscal year. Over the analyzed period, revenues fluctuated within a stable range, generally between 4.3 billion and 4.8 billion dollars, indicating a stagnant but predictable top-line growth trajectory.
- Gross Profitability and Cost of Sales
- Gross profit margins remained relatively stable until the fourth quarter of 2014. A significant anomaly is observed on December 27, 2014, where cost of sales surged to 4.2 billion dollars, resulting in a sharp decline in gross profit to 472 million dollars. This represents a substantial deviation from the typical quarterly gross profit range of 1.3 billion to 1.9 billion dollars.
- Operating Expense Trends
- Selling, general and administrative expenses generally fluctuated between 400 million and 800 million dollars. However, consistent with the trend in cost of sales, a spike to 1.08 billion dollars occurred in the December 2014 quarter. Asset impairment and exit costs were present in most quarters from 2012 through early 2014, though these costs diminished significantly toward the end of the period.
- Operating Income and Net Earnings
- Operating income showed strong performance in the middle of 2013, peaking at 1.39 billion dollars in June. This positive trend was reversed in December 2014, when the company reported an operating loss of 614 million dollars. This operational downturn led to a corresponding net loss of 398 million dollars for that quarter, contrasting with the typical quarterly net earnings which averaged between 400 million and 900 million dollars.
- Financial Obligations and Tax Impact
- Interest and other expenses experienced a marked increase after the second quarter of 2012, rising from 2 million dollars to a sustained level between 107 million and 133 million dollars per quarter. Regarding taxation, a provision for income taxes was standard across most periods; however, the loss incurred in December 2014 resulted in a tax benefit of 332 million dollars, which partially offset the operating losses.
Overall, the financial trajectory indicates a stable operational baseline interrupted by a severe contraction in profitability during the final quarter of 2014, driven by simultaneous increases in both the cost of sales and administrative expenses.
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