The operator introduces the Kraft Heinz Company's third quarter results conference call and hands it over to Anne-Marie Megela, the Global Investor Relations speaker. Megela gives a disclaimer about forward-looking statements and non-GAAP financial measures. CEO Miguel Patricio briefly thanks the team for a great quarter and highlights the company's accelerated profitable growth.

The company's share and volume trends are improving thanks to their action plans and investments in marketing, technology, and R&D. They have hit their target net leverage and are continuing to invest in the future. During the Q&A session, they clarified that the branded promotional activity mentioned in their slide deck only includes branded players that compete with Kraft Heinz. They do not expect to return to 2019 levels of promotions and will make strategic investments to support their business during the upcoming holiday season.

The speaker discusses how the company is maintaining discipline in their investments while also focusing on improving their return on investment. They also address concerns about volume in North America and explain that they are prioritizing profitability over volume, but are still seeing growth in other areas such as Emerging Markets and Foodservice.

The business has made investments in improving their share of shelf, marketing, innovation, and CFR, resulting in overall improvement. The company remains focused and disciplined in their investments, particularly in the meat business, to drive profitable growth and maintain overall profitability. Volume is important for long-term growth, but the company prioritizes profitable and sustainable growth over maximizing gross percentage margin. Private label is gaining share in the category, which may require reinvestment to maintain profit.

The speakers discuss their approach to resource allocation and their willingness to continue investing in certain businesses, even during tough times. They emphasize the importance of rebuilding profitability and investing in brands to improve and innovate, rather than chasing unsustainable volume through promotions. They also mention the progress they have made in improving service and gaining share in their cold cuts business.

The speaker is responding to a question about the company's momentum in Foodservice and Emerging Markets. They mention the recent organizational changes and express confidence in the momentum continuing. The speaker also discusses the company's capital allocation priorities, including maintaining investment grade and prioritizing organic growth. They highlight the company's strong performance and cash conversion.

The speaker discusses their optimistic outlook for the company's plans in Foodservice and Emerging Markets. They have been investing in building a strong foundation and making strategic investments in their business. They expect growth in both areas and are confident in their data-driven go-to-market model.

The company is on track to implement their model in the majority of Emerging Markets by the end of the year. They are currently building infrastructure and plan to take full advantage of their emerging business. In Q3, they saw a temporary decrease in performance due to a shift in spending during the Ramadan season in Asia, but they expect to bounce back in the coming year. They reiterate their previous statement that they expect volume to turn positive in 2024. The company is confident in their current actions and plans for 2024.

During a recent conference call, Andre Maciel, the CEO of a company, was asked about their expectations for positive growth in 2024. Maciel declined to give guidance for 2024 but reiterated the company's focus on discipline and rationality. Additionally, Carlos Abrams-Rivera, the company's President, clarified that while they will be investing in hitting the right price points for cold cuts, they will do so with discipline to ensure a good return on investment.

The company is looking to drive profitable volume by investing in marketing and using revenue management tools. They want to maintain profitability and avoid pushing promotions too hard. The new CEO, Carlos Abrams-Rivera, will focus on maintaining profitability and there may not be any major strategic shifts.

Carlos Abrams-Rivera expresses his gratitude for the opportunity to lead the company and discusses his commitment to the company's three growth pillars. He mentions changes in the company's structure to accelerate growth and emphasizes the importance of listening to the organization and having clarity in strategy. He also mentions a focus on emerging markets and investments in those areas.

The speaker discusses the company's plans to leverage their scale and invest in marketing and technology to support their strategic pillars. They also mention the potential for inorganic solutions, but state that their priority is organic growth. The speaker also mentions their strong productivity savings and increased investment in marketing, R&D, and innovation, and questions whether this level of savings can be sustained in the future.

The speaker, Carlos Abrams-Rivera, is asked about the company's plans for investment in the coming year. Andre Maciel responds by discussing efficiency plans and the company's commitment to deliver a 3% COGS of $500 million. He also mentions the company's success in resetting investment levels and their confidence in delivering the 3% goal. The operator then announces that this will be the last question, and Robert Moskow asks a question about the company's decelerating top line growth in the U.S.

The speaker thanks Miguel Patricio for his leadership and acknowledges the strong foundation he has built for Kraft Heinz. They also mention that the company will continue to focus on sustainable growth and not change their strategy based on temporary industry conditions.

The incoming CEO of Kraft Heinz expresses pride in the company's past and excitement for its future. They thank listeners for joining the conference call and announce its conclusion.

This summary was generated with AI and may contain some inaccuracies.