Tags: Heinz | Profit | Emerging | Markets

Heinz Profit Jumps on Strength in Emerging Markets

Friday, 17 February 2012 03:33 PM

HJ Heinz Co. posted higher-than-expected quarterly profit on Friday, helped by growth in emerging markets, and narrowed its full-year outlook, sending its shares up 2.5 percent.

The ketchup maker said net income was $284.7 million, or 88 cents per share, in the fiscal third quarter ended Jan. 25, up from $273.8 million, or 84 cents per share, a year earlier.

Excluding charges related to productivity initiatives, earnings were 95 cents per share. On that basis, analysts on average were expecting 85 cents, according to Thomson Reuters I/B/E/S.

Sales were $2.92 billion, compared with $2.72 billion a year earlier and analysts' estimate of $2.89 billion.

Heinz said it now expects 2012 earnings of $3.27 to $3.29 per share excluding a benefit of 5 cents per share from foreign currency exchange rates and one-time charges.

Its prior forecast, which also excluded currency fluctuations and charges, was $3.24 to $3.32 per share.

© 2018 Thomson/Reuters. All rights reserved.

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Friday, 17 February 2012 03:33 PM
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