Facebook (FB), GoPro (GPRO) and Groupon (GRPN) shoot higher on Q2 earnings beat. READ MORE

Heinz Reports Mixed Q1 Results

The company beat profit estimates, missed on lower revenues

   

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.

5 Packaged Foods Stocks to Buy Now
5 Packaged Foods Stocks to Buy Now

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/.

©2016 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.