Heinz Reports Mixed Q1 Results

The company beat profit estimates, missed on lower revenues

   

Heinz Reports Mixed Q1 Results

H.J. Heinz (NYSE:HNZ) announced on Wednesday that it earned $258 million during its fiscal first quarter, up 14% from $226 million in the same period last year.

The iconic ketchup maker recorded revenue of $2.79 billion, down from $2.83 billion in 2011. That missed Wall Street expectations of $2.83 billion in revenue, the Associated Press noted.

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Adjusted EPS from continuing operations during the quarter was 87 cents. That topped the 81 cents a share analysts had predicted.

Shares of H.J. Heinz slipped more than 1% in early Wednesday morning trading.

The company reiterated an adjusted earnings forecast of a gain of between 5% and 8% for fiscal 2013. It also anticipates an overall organic sales rise of 4% for the year.

Company officials noted that Heinz’ leading 15 brands saw combined sales growth of 5.9% compared to last year. Organic sales of ketchup grew 3.7%. Emerging markets — which accounted for 26% of overall sales — showed strong year-over-year sales growth during the first quarter.

Consumer products in North America saw their sales slide by 2%, partly due to a higher Canadian dollar. European sales dropped by 7.2%, hammered by a stronger U.S. dollar relative to the euro.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/heinz-reports-mixed-q1-results/.

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