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Tuesday, November 24, 2009
Heinz Net Income Falls 14%, Raises Full-year View
By Steve Gelsi
MarketWatch Pulse
NEW YORK -- H.J. Heinz Co. on Tuesday said its second-quarter net income fell to $237.3 million, or 73 cents a share, from $276.7 million, or 87 cents a share in the year-ago period. Breaking out a one-time loss on the sale of a small non-core business in its U.S. Foodservice unit, Heinz earned 76 cents a share. The Pittsburgh ketchup maker's revenue grew 2.5% to $2.67 billion, led by growth in emerging markets and acquisitions. Analysts expected Heinz to earn 70 cents a share on revenue of $2.6 billion, according to a survey by FactSet Research. Heinz raised its full-year outlook to $2.72 to $2.82 a share from continuing operations, from its earlier view of $2.60 to $2.70 a share. Analysts were looking for earnings of $2.75 a share.
Copyright © 2009 MarketWatch, Inc.
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