Heinz income up 22% on emerging markets

by Staff
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PITTSBURGH — Emerging markets, a favorable tax rate and growth in global ketchup helped contribute to a 22% increase in income during the second quarter at H.J. Heinz Co.

For the quarter ended Oct. 28, the company had income of $289,444,000, equal to 90c per share on the common stock, which compared with income of $237,009,000, or 74c per share, during the same quarter of the previous year. Sales for the quarter were $2,827,210,000, up slightly from $2,813,964,000.

“Heinz delivered solid results while making significant investments in our businesses and brands to drive growth,” said William R. Johnson, chairman, president and chief executive officer. “Notably, Heinz delivered its 30th consecutive quarter of organic sales growth, led by our trio of growth engines: emerging markets, global ketchup and the company’s top 15 brands.”

During the quarter the North American Consumer Products segment had operating income of $190,341,000, down 6% from $201,927,000 during the same quarter of the previous year. Sales for the segment were $794,957,000, up slightly from $794,271,000.

The U.S. Foodservice segment had operating income of $44,223,000, up 27% from $34,886,000 during the same quarter of the previous year. The segment had sales of $348,028,000, up 1% from $334,436,000.

During the six months ended Oct. 28, the company posted income of $547,471,000, or $1.71 per share, up 18% from $463,123,000, or $1.44 per share, during the same period of the previous year. Sales for the six months were $5,618,434,000, down slightly from $5,646,562,000 during the same period of the previous year.

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