Heinz profit up; emerging markets sales rise
2012-08-29 16:00:00
H.J. Heinz reported a higher quarterly profit on Wednesday, helped by growth in emerging markets, improving results in the United States and Australia, higher prices and a favorable tax rate.
The maker of Heinz ketchup and Ore-Ida frozen potatoes said net income was $258 million, or 80 cents per share, in the first quarter ended on July 29, compared with $226.1 million, or 70 per share, a year earlier.
Profit from continuing operations came to 87 cents a share. Sales declined 1.5 percent to $2.79 billion.
Heinz said that it was on track to deliver its previously announced forecast for fiscal 2013, which called for earnings of $3.52 to $3.62 per share. The company still expects organic sales to be up 4 percent.