Heinz income up 9% in year

by FoodBusinessNews.net Staff
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PITTSBURGH — Boosted by strong performances in emerging markets and North American Consumer Products, income for The H.J. Heinz Co. rose 9% for the year.

For the year ended April 30, Heinz had income of $923,072,000, equal to $2.94 per share on the common stock, which compared with $844,925,000, or $2.67 per share, during the previous year. Sales for the year were $10,148,082,000, up slightly from $10,070,778,000 in fiscal 2008.

"Heinz delivered record sales and profit in fiscal 2009 despite the difficult global environment," said William R. Johnson, chairman, president and chief executive officer. "Heinz brands around the world performed well, benefiting from the growing trend of at-home dining."

The North American Consumer Products segment posted operating income of $724,763,000 for the year, up 7% from $678,388,000 during the previous year. Sales for the segment were $3,135,994,000, up 4% from $3,011,513,000 during fiscal 2008.

The U.S. Foodservice segment recorded operating income of $129,209,000, down 24% from $169,581,000 during the previous year. Sales for the segment were $1,505,953,000, down 3% from $1,559,370,000.

For the fourth quarter the company as a whole had income of $175,135,000, or 56c per share, down 10% from $194,062,000, or 62c per share, during the same quarter of the previous year. Sales during the quarter were $2,537,757,000, down 6% from $2,688,251,000.

"Heinz is well positioned for future growth with strong category-leading brands and core businesses that continue to perform will in this changing environment," Mr. Johnson said. "We expect to deliver sold e.p.s. and sales growth on a constant currency basis in fiscal 2010; however, our reported results will likely be affected by unprecedented currency volatility."

The company expects e.p.s. to be in the range of $2.60 to $2.70 for the full year.

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