Heinz full-year earnings fall 7% on special charges

by Staff
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PITTSBURGH — Net income for the H.J. Heinz Co. fell 7% during fiscal 2012 in part due to special charges. For the year ended April 29, the company had income of $923,159,000, equal to $2.87 per share on the common stock, which compared with income of $989,510,000, or $3.07 per share, during fiscal 2011. Sales for the year were $11,649,079,000, up 9% from $10,706,588,000 during fiscal 2011.

For the fourth quarter ended April 29, the company had income of $175,342,000, or 55c per share, down 22% from $223,863,000, or 70c per share, during the same quarter of the previous year. Sales for the quarter were $3,049,589,000, up 6% from $2,888,790,000 during the same quarter of the previous year.

“Heinz delivered strong fourth-quarter results led by our trio of growth engines — emerging markets, global ketchup and our top 15 brands,” said William R. Johnson, president and chief executive officer. “Excluding special charges, Heinz grew earnings per share by more than 17%, and we delivered our 28th consecutive quarter of organic sales growth, supported by increased investments in marketing, productivity and emerging markets capabilities.”

In the North American Consumer Products segment, the company had an operating income of $812,056,000 for the year, down 2% from $832,719,000 during the previous year. Sales for the segment were $3,241,533,000, down 1% from $3,265,857,000.

Operating income within the U.S. Foodservice segment totaled $166,298,000, down 6% from $175,977,000 during fiscal 2011. The segment had sales of $1,418,970,000, up slightly from $1,413,456,000 during the previous year.

For fiscal year 2013, the company expects constant currency earnings per share growth from continuing operations of 5% to 8% or $3.52 to $3.62. The company also expects organic sales growth of at least 4%.

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