H.J. Heinz (HNZ) Profits Rise Despite Tough Economic Backdrop
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H.J. Heinz Co. (NYSE: HNZ) said Wednesday that its second-quarter profit jumped 13 percent and beat the Street’s expectations, mostly due to strong demand in Asia.
The foodmaker known for its signature ketchup reported second-quarter earnings of $240.4 million or 75 cents per share, up from $212.6 million or 67 cents per share earned during the same quarter last year.
Revenue for the company rose 1.6 percent to $2.48 billion in the three month period ended in late July.
On average, analysts had been looking for earnings of 73 cents per share from Heinz in the quarter on sales of $2.53 billion.
The company said that the growth of sales in emerging markets helped to boost results in the quarter. The Asia and Pacific region sales rose 19 percent and accounted for 18 percent of Heinz’s overall sales in the period, as worldwide volume grew 2.5 percent.
"Globally, Heinz delivered strong organic sales growth in a difficult economic environment, including 8 percent growth in ketchup and almost 6 percent growth in our Top 15 brands,” Heinz Chairman, President and CEO William R. Johnson said. "We continued to invest in innovation and marketing as the Company delivered our 21st consecutive quarter of organic sales growth."
Looking forward, the company reaffirmed its full-year outlook.
"We remain confident about the company's business fundamentals, despite the difficult economic climate," Johnson added.
Shares of Heinz are up 21 cents to $46.45 in early market movement on Wednesday.
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The foodmaker known for its signature ketchup reported second-quarter earnings of $240.4 million or 75 cents per share, up from $212.6 million or 67 cents per share earned during the same quarter last year.
Revenue for the company rose 1.6 percent to $2.48 billion in the three month period ended in late July.
On average, analysts had been looking for earnings of 73 cents per share from Heinz in the quarter on sales of $2.53 billion.
The company said that the growth of sales in emerging markets helped to boost results in the quarter. The Asia and Pacific region sales rose 19 percent and accounted for 18 percent of Heinz’s overall sales in the period, as worldwide volume grew 2.5 percent.
"Globally, Heinz delivered strong organic sales growth in a difficult economic environment, including 8 percent growth in ketchup and almost 6 percent growth in our Top 15 brands,” Heinz Chairman, President and CEO William R. Johnson said. "We continued to invest in innovation and marketing as the Company delivered our 21st consecutive quarter of organic sales growth."
Looking forward, the company reaffirmed its full-year outlook.
"We remain confident about the company's business fundamentals, despite the difficult economic climate," Johnson added.
Shares of Heinz are up 21 cents to $46.45 in early market movement on Wednesday.
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