Heinz Posts 1st-Quarter Earnings Surge
PITTSBURGH (AP) _ Foodmaker H.J. Heinz Co. on Wednesday reported its profit surged in its first quarter from results depressed by an accounting change a year ago.
Heinz earned $214 million, or 60 cents per share, in the quarter ending July 30, up from $100 million, or 28 cents a share, in the same quarter last year.
Excluding one-time charges, Heinz earnings from continuing operations increased to $179.8 million, or 51 cents per share, from $166 million, or 47 cents per share, last year. Those results matched the expectations of analysts polled by Thomson First Call.
Last year’s first quarter net income figures were restated in the latest earnings report because the company has since adopted new accounting principles. Under the previous accounting rules, Heinz reported net income of $177.8 million, or 50 cents per share, in the quarter last year.
First quarter sales increased 3.1 percent to $1.9 billion from $1.84 billion a year ago, fueled by global ketchup sales and a strong showing in its Asia-Pacific businesses.
Heinz continued to realize tax benefits from the spin-off of some businesses to Del Monte Corp., which was completed in December. The first quarter earnings include 8 cents per share from the favorable settlement of tax liabilities stemming from the sale.
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