Heinz Earnings Rise 3.5 Percent
PITTSBURGH (AP) _ H.J. Heinz posted a 3.5 percent rise in earnings before special charges for the quarter ending in January as sales of core products like ketchup and sauces grew in Asia.
The Pittsburgh-based food company earned $227.2 million, or 63 cents a share, in the three months ended Jan. 26, up from $219.5 million, or 60 cents a share, in the same period a year ago.
Heniz’s earnings bested analysts predictions by a penny a share for the quarter. A survey of analysts conducted by First Call/Thomson Financial predicted earnings of 62 cents a share.
The figures did not include special restructuring charges in both quarters, which brought the net income figures down to $171.1 million and $120.6 million respectively.
Revenues edged higher to $2.29 billion from $2.28 billion.
Heinz president and CEO William R. Johnson said the company had ``continued sales increases in ketchup, condiments and sauces, foodservice, and our businesses across Asia.″