Saturday, 18 February 2012 at 09:50, Reuters
Hienz aid net income was $284.7 million in the fiscal third quarter ended January 25. (REUTERS)
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 per cent.
The ketchup maker said net income was $284.7 million, or 88 cents per share, in the fiscal third quarter ended January 25, up from $273.8m, 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 $2.72bn a year earlier and analysts' estimate of $2.89bn.
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.
Heinz shares rose to $53.40 in premarket trade from Thursday's close at $52.10 on the New York Stock Exchange.
Your comments