Heinz income flat in quarter

by FoodBusinessNews.net Staff
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PITTSBURGH — Net income at the H.J. Heinz Co. in the third quarter ended Jan. 30 was virtually flat compared with the same quarter of the previous year. A higher tax rate contributed to the results.

Net income during the quarter was $218,532,000, equal to 69c per share on the common stock, down narrowly from $219,038,000, or 67c per share, during the same quarter of the previous year. Net sales were $2,610,863,000, up 14% from $2,295,192,000 during the same period a year ago.

"I am very pleased with our continued strong performance and growth momentum," said William R. Johnson, chairman, president and chief executive officer. "Consumers across the globe are embracing our leading brands and innovative new products. We continue to succeed by driving consumer-validated innovation and investing in top-line growth. Heinz remains on track to achieve record full-year sales and an e.p.s. growth rate of 9% to 10% for the fiscal year."

The North American Consumer Products segment had an operating income of $183,427,000, up 13% from $161,862,000 during the same quarter of the previous year. Sales in the segment were $807,634,000, up 53% from $714,536,000.

The U.S. Foodservice segment had an operating income of $46,767,000, down 14% from $54,343,000 during the same quarter of the previous year. Sales in the segment were $400,606,000, up 4% from $386,013,000.

For the nine months ended Jan. 30, Heinz posted net income of $650,863,000, or $2.04 per share, up 8% from $604,714,000, or $1.81 per share, during the same period of the previous year. Sales during the nine months were $7,382,527,000, up 12% from $6,587,337,000.

The company expects full-year earnings per share in the range of $2.60 to $2.62.

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